VSAC Payment Information and FAQs
Mail Payments To:
- PO Box 7501
- Bennington, VT 05201-7501
Every payment made*, regardless of method (check, online, etc.), is applied first to the most past due loan group(s) you have with VSAC. When all loan groups are current, payments are prorated based on the amount due for each group. You pay outstanding interest first; the remainder of your payment reduces your principal balance. The amount of interest you pay varies with each payment.
We calculate the interest using the following calculation:
|(Interest Rate X Current Principal Balance)|
365.25 X Number of days since last payment
If you pay more than the amount due, we apply extra toward future installments unless you instruct us otherwise.
*Loans in a collection status are subject to a fee. When a payment is applied to a collection account, fees are paid first, then interest and then principal. If you want a collection payment applied to just one specific loan in collections, please contact the collections department after processing your payment.
- If you have not yet set up your myVSAC profile, go to myVSAC, and click on “Register Now".
- Use your VSAC account number (refer to your bill statement for your VSAC account number), Social Security number, and date of birth to link your loan account information to your myVSAC profile.
- Under “Manage My Loans & Grants" on your myVSAC home page, select the link “Loan Info/Make a Payment".
- You’ll need to select “Make a Payment" once more to be routed to the LoanPAY ™ online payment system.
- Choose “Continue to LoanPAY".
- Once in LoanPAY™, select “Make a Payment" from the option menu.
- You will be prompted to type in the payment amount and select a payment method before clicking “Continue".
- Enter banking account information. You can choose to name and save banking account information as a payment profile for future use.
- Review payment details. You cannot cancel a payment initiated using the “Make a Payment" function. If you need to cancel a payment you initiated using the “Make a Payment" function, contact VSAC for further information. If it is too late for VSAC to cancel the payment, you may also need to contact your financial institution to prevent the debit from occurring.
- Select “Confirm" to submit payment.
- You will receive a confirmation immediately after entering your payment, followed by an email. However, if a payment is rejected for any reason, it may be several days before you are notified by your bank or MasterCard. The rejected payment will also appear on your transaction history in LoanPAY™.
- Once in LoanPAY™, select “Scheduled Payments", then select “Schedule New Payment Series" to set up a recurring debit.
- Provide your banking information. Please review your entry, as an incorrect routing or account number could result in cancelled payments.
- Choose the date of the debits. This will not change your regularly scheduled due date with VSAC. Payments take up to two business days to be applied to your VSAC loan.
- Select the payment amount and duration of the recurring debit payment series by selecting a number of payments, a date for payments to end, or the option to pay until further notice.
- You can review the status of debits you have scheduled by selecting “Currently Scheduled" under the option “Scheduled Payments".
- IMPORTANT: Anytime your payments change, it is your responsibility to adjust your recurring payment schedule accordingly.
- Cancel an individual payment in a scheduled series: Select “Scheduled Payments" then select the under the word “Actions" for the payment you wish to cancel. Payments may be cancelled up to 4:30pm ET on the scheduled payment date.
- Cancel all payments in a schedule: Select “Scheduled Payments", “Currently Scheduled" and then select “" on the upper right of the series schedule.
- Change the payment amount or date for the entire schedule: Cancel all payments in the schedule (see above) and create a new schedule with the new amount.
- Change the bank account information for the entire schedule:
- If you used a saved profile, you can update the “payment profile" used for the schedule.
- If you did not use a saved profile, delete the schedule and re-create with the new bank account information.
- Change the payment amount, date, or bank account for an individual payment in a schedule: Cancel the individual payment (see above) and make a one time payment with the different amount, method/account, or date.
An authorized payer is someone you add to the online payment system (LoanPAY™) to allow them access to make online payments on your account.
Set Up Authorized Payer
- Login to your LoanPAY™ account.
- From the left navigation choices, select “Authorize Payers".
- On the Authorized Payers screen, click the “Add New" button.
- Follow instructions on the Add Authorized Payer screen. Note that the login name and password you create must be at least 6 characters using only letters and numbers.
- Your authorized payer will be sent an email instructing him/her to contact you to obtain the password you’ve assigned.
Change Password for Authorized Payer
- Click on the “Edit" icon for the authorized payer whose password you need to update.
- Click on the “Reset Password" button.
- Your authorized payer will be sent a temporary password via email to enable them to login and to change their password.
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- Sign into myVSAC
- Click: 'Loan Information/Make a Payment'
- Click the link: 'Choose Paperless Statements and Go Green!'
- From your myVSAC profile, click 'Make Payment' to enter LoanPAY™.
- Once in LoanPAY™, click 'User Preferences' in the navigation column on the left.
If your account is delinquent VSAC resumes sending paper statements. Once your account is current we will stop sending paper statements again.Return to top
Your transaction history in LoanPAY™ accurately reflects the day you initiated your payment online. Your myVSAC account will reflect the effective date of the payment which is the date when the funds are debited from your bank account or charged to your credit card. This is the next business day if you made the payment before 6pm ET Monday-Friday, or the second business day for payments made Monday-Friday after 6 pm, or on a weekend.
Anytime your payments change, you must adjust your recurring payment schedule accordingly.
You can schedule recurring payments through LoanPAY™ in addition to your Elect Pay debits. If you wish to cancel your Elect Pay automatic debits, you must contact us to make this request. Once Elect Pay is cancelled, you will no longer receive the 0.25% interest rate reduction and will not have the ability to re-enroll in this program in the future.Return to top
The transaction fee is not assessed by VSAC. It is part of the cost of using a credit card. VSAC does not receive any portion of this fee. You will be charged a non-refundable fee equal to 2.75% of the payment you’re making using your credit card.
Yes, and if you want to avoid the service charge, choose the eCheck option and enter the bank routing number and bank account number associated with your debit card. There is no fee to pay online using a checking or savings account. You can then save this bank account information to complete future payment transactions quickly. There is a 2.75% non-refundable service fee if you pay using a credit card (or debit card as a credit card). This transaction fee is not assessed by VSAC and VSAC does not receive any portion of this fee. It is part of the cost of using a credit card.
VSAC has made a decision to only accept MasterCard to minimize the cost of accepting credit cards for both our borrowers and ourselves. MasterCard has the most cost effective agreement available.Return to top
You will see two transactions, one for the payment and one for the service fee.
Only the last four digits are viewable as a safety measure, similar to why password fields fill in with asterisks.Return to top