Vanguard recognizes that crew who have recently graduated and are beginning their careers face higher student loan debt than ever before. Vanguard's Student Loan Repayment Assistance Program assists eligible crew with repayment of qualifying student loans, providing a head start toward financial well-being.
How the program works
The Student Loan Repayment Assistance Program provides eligible crew members up to a $100 monthly taxable benefit* paid directly to the crew member's student loan servicer. This payment should serve as a principal payment and not replace a monthly loan repayment obligation. There is a lifetime benefit cap of $7,200 per eligible crew member.
*Please note: Benefit payments will reflect on your regular payslip as two separate lines: under Hours and Earnings as Student Loan Repayment Benefit (e.g., $100), and a separate line under After-Tax Deductions reflecting Student Loan Offset adjustment (e.g., $100). Information will reflect as wages on your Form W-2.
Eligible crew can concurrently participate in Vanguard’s Student Loan Repayment Assistance Program and Academic Assistance Plan. There is an annual Vanguard contribution limit of $9,000 between academic assistance and student loan repayment assistance. Both programs are administered by EdAssist, an industry leader in strategic, managed-education solutions.
Eligible crew will use the EdAssist website to manage their benefit by adding loans or education programs and requesting payment(s). After the requested payment has been made, it will be taxed at your current tax rate and viewable on your paycheck.
Crew member eligibility
You are eligible for the Student Loan Repayment Assistance Program if you:
- Are an active full-time crew member (scheduled to work 37.5 or more hours per week).
- Have graduated from an accredited undergraduate or graduate degree program within the last five years from the date you first apply for the benefit. For initial 2017 participation, your graduation date can be no earlier than December 1, 2011.
New crew members meeting the criteria above are eligible immediately upon hire.
In order to be eligible for this benefit, the loan must be:
- A qualified United States-based education loan.
- Borrowed by the crew member as the crew member's own student loan.
- Used for a crew member's education.
- In an active status.
Eligible loan types include:
- Federal Perkins loans.
- Private student loans.
- Subsidized Stafford loans (FFELP/Direct).
- Unsubsidized Stafford loans (FFELP/Direct).
- Health professional loans.
- Grad PLUS loans (FFELP/Direct).
- Student consolidation loans.
- Student refinance loans.
- State loans.
Loans taken for post-baccalaureate programs, professional designation programs, regulatory licensing, or job-related certificate programs are not eligible.
How to access the program
Log on to the EdAssist Student Loan Repayment Assistance Program website to manage the benefit. You will begin your application by adding your loan(s), your education program details, requesting payment(s), and uploading your proof of loan and proof of graduation documentation. Once you upload your loan document, you will be able to set up recurring payments.
Proof of loan documentation can be obtained from your loan servicer directly and must include:
- Your name.
- Loan servicer name.
- Loan account number, "other" or sub-loan account number if applicable.
- Loan balance due.
- Required monthly payment amount.
- Required payment due date.
For any Federal Direct loan servicers, choose "U.S. Department of Education" from the loan servicer drop-down menu.
Important note: Please confirm that you have the correct payment address via your loan servicer portal or your loan billing statement. Although not required on your proof of loan documentation, if you do not provide the correct mailing address, there could be a delay in payment to your loan servicer(s). Please note that a general correspondence address or servicer location may not be the same as the correct payment address.
Proof-of-graduation documentation can be obtained from the college or university from which you graduated. The following are examples of acceptable documentation:
- Copy of transcript.
- Copy of diploma.
- Graduation certificate.
For assistance with submitting applications, contact the EdAssist contact center from 8 a.m.–8 p.m., Eastern time, at 855-729-5960 or send an email to firstname.lastname@example.org. The EdAssist website also provides an online tutorial on how to navigate the site and submit an application.
EdAssist offers free, one-on-one, 30–45-minute sessions with experts to discuss managing your student loans. You can take advantage of this service even if you are not eligible for the Student Loan Repayment Assistance Program.
- Counselors can help with topics like avoiding or rehabilitating defaulted loans, simplifying loan repayments, reducing monthly payments, evaluating repayment and refinancing plans, and developing and maintaining a repayment strategy.
- Appointments can be scheduled Monday through Friday, 8 a.m.–6 p.m., Eastern time, by calling 855-729-5960 or on the EdAssist Student Loan Repayment Assistance Program website.