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VSAC to keep federal student loans contract - WCAX.COM Local Vermont News, Weather and Sports-

VSAC to keep federal student loans contract

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WINOOSKI, Vt. -

The Vermont Student Assistance Corporation will keep its federal contract to service student loans. That's the word from the state congressional delegation which negotiated the deal with the U.S. Education Department.

The federal contract represents a large portion of VSAC's business.

Despite VSAC's high performance rating, the feds were looking to end the contract. But the delegation announced Friday the ed. department has reversed course.

Friday, the Vermont delegation released a statement that said, "We are pleased that the Department of Education will continue its loan-servicing contract with the Vermont Student Assistance Corp. and has recognized VSAC's excellent record and unmatched performance meeting the needs of students and their families in Vermont and across the United States.

In a statement, VSAC President Scott Giles said: "The Department of Education's decision regarding VSAC's federal direct loan servicing contract is gratifying given VSAC's strong performance. We thank both the Congressional delegation and Shumlin administration for their ongoing support of VSAC and for helping to ensure that Vermonters have the best services possible in pursuing their education and career goals."

VSAC collects loan payments and help borrowers at risk of default work out payment plans.

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