Frequently Asked Questions
When do I start repaying my loans?
For the Palmetto Assistance Loan (PAL), interest payments are due while enrolled in school unless the borrower elects on the application to postpone interest payments. Interest accrues on the loan from the date of the first disbursement and is capitalized quarterly. Borrowers choosing to postpone full interest payments while enrolled will be required to make a $25 monthly payment per loan (not to exceed $50 per borrower). Payments made during the borrower's period of enrollment will begin within 60 days of the loan being fully disbursed.
Full repayment (principal + interest) begins within 60 days after the borrower drops below half-time. Loans in a full repayment status will maintain that status even if the borrower chooses to return to school at a later date. New loans obtained upon returning to school will be subject to the interest only or minimum monthly payment requirements during the enrolled period as outlined in the paragraph above.
Monthly payments are not due on the SC Teachers Loan as long as the student is enrolled in college at least half-time.
If you cannot afford the payment once it is due, SC Student Loan will work with you. Educational loans have options to help you until you get your finances in order. Call SC Student Loan if you need help determining what to do or download a forbearance form.
What is considered half-time status?
Half-time status is determined by your school. In most cases, enrollment must be at least half-time to qualify for financial aid.
What is your tax ID number?
Our tax ID number is 57-0602805.
What is my grace period and how many times can I receive one?
Grace period is the period of time that begins when a borrower graduates (or ceases to be enrolled at least half-time) and ends when repayment must begin. The grace period for a PAL Loan is sixty days.
I no longer see any of my federal loans when I log into my account. Where are they?
The servicing of your federal loans has been transferred to Nelnet as of August 19, 2016. You should have received a letter from us and a letter from Nelnet explaining this change. Questions regarding your federal loans originated by SC Student Loan should be directed to Nelnet at 888-486-4722 or at www.nelnet.com.
If I have additional student loans outstanding, how can I locate them?
You may access additional student loan information at www.nslds.ed.gov/nslds_SA/
How do I sign up to receive 1098-E tax forms electronically?
To receive Form 1098-E or other documents electronically, you must consent to the Paperless Documents Disclosure. Please see Current Tax Year Information for instructions.
I am signed up for paperless billing, how do I get a paper copy of my 1098-E tax form?
If you have not re-consented to the Paperless Documents Disclosure you will receive a paper Form 1098-E. If you have re-consented to the Paperless Documents Disclosure, but still wish to receive a paper copy of your Form 1098-E, you may contact SC Student Loan at (800) 347-2752 to request a paper copy of your tax information.
Postponing Payments Back to top
Do I have to make payments while in school?
If you have a Palmetto Assistance Loan (PAL), you are required to pay the monthly accrued interest or $25 per month per loan (not to exceed $50 per borrower) dependent on what you select on your promissory note. In addition, you must be enrolled and attending college half-time or greater.
Once you are no longer a student, or you are enrolled less than half-time, the full monthly payments begin within 60 days.
If you received a Teachers Loan (Teachers Loan, Career Changers Loan, or PACE Loan) no payments are due as long as our records show that you are enrolled at least half-time or greater at an eligible school.
Am I allowed to postpone payments?
If you have a PAL Loan and are no longer enrolled in college at least half-time, you may apply for a forbearance. The length of time and the number of forbearances allowed are granted at the discretion of SC Student Loan.
If you have a Teachers Loan and are out of college but not yet teaching in a critical area in the South Carolina public school system, you may apply for a forbearance.
How can the school report that I am enrolled?
Most schools report your enrollment status electronically through the National Clearing House or National Student Loan Data System.
Payments Back to top
How can I make a payment?
To make a payment, you can log into your account, call our toll free number 1-800-347-2752, or submit your payment by mail.
How are my payments applied?
When a payment is received, fees are satisfied first, followed by accrued interest. The remaining amount is applied to the principal.
How do I locate information on a previously scheduled payment?
You will need to contact our office via phone or email and we can assist you with your scheduled payment information.
What are the late fee policies?
If a Palmetto Assistance Loan payment is more than 10 days late, a late charge of 5% of the unpaid amount, not to be less than $7.20 or more than $18.00, will be charged. These amounts will increase as allowed by Section 37-1-109, code of laws, South Carolina (1976).
All accounts are reported to the credit reporting agencies as required by law.
What will happen if I have insufficient funds in my bank account?
If there are non-sufficient funds, there will be a $25.00 fee charged to the account for each returned check or debit.
Interest Back to top
What is accrued interest?
Principal balance x interest rate / 365.25 = Daily interest. Example: You borrow $5,000.00 at 8%. The amount of interest charged each day can be determined as follows: (5000.00) x (.08) = 400 / 365.25 = $1.10 per day. When a payment is received, fees are satisfied first, followed by accrued interest. The remaining amount is applied to the principal.
Where can I find the deductible interest paid (1098-E) for tax purposes?
Interest paid for the previous year is included with your January statement of the current year. If you are signed up for paperless billing, you must reconsent to the Paperless Documents Disclosure in order to receive tax documents electronically. Please see Current Tax Year Information for instructions.
Automatic Bank Draft Back to top
How do I sign up for Automatic Bank Draft?
Please visit our Automatic Bank Draft page for details.
If my account is in a forbearance, will the bank draft continue?
No, the bank draft is automatically cancelled. If you wish to continue your draft or reinstate your draft after the completion of your forbearance, please log into your account to submit your request.
Can I sign up for bank draft if my account is delinquent?
Yes, but only if you have enough forbearance time available to bring your account current when the requested debit begins.
What if I want to increase my draft amount?
You can log into your account to make this request. The draft amount will automatically increase if the scheduled monthly payment increases for any loan group(s) that is currently on automatic bank draft. You must notify SC Student Loan if you wish to include a loan group(s) in your monthly draft amount that you have not authorized for automatic bank draft.
What will happen if I have insufficient funds in my bank account?
Your bank will notify us of an NSF and then we will send a letter advising you to remit that month’s payment another way. If the draft is dishonored or returned for any reason, a $25 fee will be added to your student loan account. This fee may periodically increase without notice. You will be taken off of Automatic Bank Draft if a payment is dishonored or returned for two consecutive draft attempts. In addition, you will lose your .25% interest rate reduction through our QuarterBacksm program.
What if I change my banking information?
You can log into your account to change this information at least seven calendar days prior to the next payment draft date.
If I want to cancel my draft, how quickly will it be cancelled?
To cancel a draft, a seven-calendar day notice (prior to your draft date) is required. Please log into your account to make this request.
Once my account is on automatic bankdraft will I continue to receive monthly statements?
Yes, you will continue to receive monthly statements while on bankdraft. However, if you no longer wish to receive statements, you can sign up for Paperless Billing by logging into your account.
Technical Back to top
I need to sign into my account but cannot remember my User ID and/or password?
To receive your log-in information, select "Forgot Your Password?" under the Borrower Login located at the top of the page. You will need to enter your SSN or account number and date of birth AND you must answer your secret question or verify your email address. If this attempt to sign in is unsuccessful, you will need to contact us.
I have tried to create an account but I keep getting an error message stating that you do not have my information?
If you received this message, we do not have a loan application on file for you at this time. If you believe you received this message in error, please contact our office.
I am trying to log into my account and I keep receiving an "access denied" error message. What does this mean?
If you received this message, you currently do not have a User ID and password on file. You will need create a User ID under the Borrower Login located at the top of the page.
What is a "No Access Request" Form?
The “No Access Request” form allows a borrower to make his or her student loan account information inaccessible from this website and from our Interactive Voice Response (IVR) Telephone System. No one, including the borrower, will have access to this information via the Web or IVR. In the future, all questions concerning this account will need to be directed to a Customer Service Representative at (800) 347-2752 between the hours of 8:00 a.m. and 5:00 p.m., ET., Monday through Friday.