Vermont Student Assistance Corp. plans to issue $29 million in bonds backed by fixed rate private student loans.
Fitch Ratings and Standard & Poor’s have assigned preliminary rating of A’/ AA’ respectively to the Series 2014 A bonds, according to a regulatory filing.
Morgan Stanley is the lead underwriter.
Vermont Student Assistance Corp started its education loan program in 1994, offering fixed rate private student loans to supplement Federal loan sources, primarily for medical and law students. The program has since expended to include loans for other graduate and undergraduate students.
The loans backing the 2014-A transaction require a co-signor and a minimum FICO of 680. Loans with value of $10,000 and above have a repayment period of 15-years and loans under $10,000 have a repayment period of 10-years.