Your ISP would be able to see the following:
- That you are using VPN
- The IP address (on the ISP's network) from which you are connecting to the VPN
- The IP address of the entry node of the VPN
- The volume of data between any two points in time that you are sending and receiving through the VPN
Without the cooperation of the VPN provider, the ISP would not be able to see:
- The web sites that you are visiting or the servers that you are connecting to
Even with the cooperation of the VPN provider, the ISP would still not be able to see the information in plaintext form that you are sending to these servers or receiving from these servers, assuming that you are using a secure protocol supported by the server, inside the VPN tunnel, such as HTTPS, SSH, SFTP, etc.
However, it should be noted that an entity that is able to surveil large swaths of the internet (such as a three-letter agency) may be able to determine the web sites that you are visiting, and the servers that you are connecting to, by using 'big data' to match up the dates and times of the chunks of packets that they see traversing your connection to your ISP, with the dates and times of the chunks of packets that they see traversing the server's connection to the server's ISP. Even though these packets are encrypted, if they are able to match up enough of these chunks of packets over the course of time, they can determine with a high probability that it is you connecting to the server via the VPN. Bruce Schneier writes about this in his latest book, 'Click Here to Kill Everyone'.