SC Student Loan does not charge a Federal Default Fee!  As a borrower benefit to you, South Carolina Student Loan pays this fee on your behalf, saving you 1% of your total loan balance.

Eligibility Requirements      Back to top

• A graduate level student
• A U.S. citizen or permanent resident
• Enrolled at a minimum of half time in a degree-granting graduate or professional program at an approved post-secondary school
• Making satisfactory academic progress, as defined by your school
• Pre-qualified. Go to our Online Loan Pre-Application. If you qualify, we will notify you immediately.
• Your school must first determine your maximum annual loan eligibility under the Federal Stafford Loan Program (the FAFSA is required in order to receive the Federal Stafford Loan)
• Creditworthy or able to supply a creditworthy cosigner.  Cosigners can download and complete Cosigner Application.   
• In good standing on any other student loan or education grant
• Complete entrance counseling prior to the first disbursement
• If you have been convicted of or have pled nolo contendere or guilty to, a crime involving fraud in obtaining federal student assistance under Title IV of the Higher Education Act of 1965, as amended, you have completed the repayment of such funds to the Department of Education, or to the loan holder in the case of a Title IV federal student loan.

Current Maximum Loan Amounts      Back to top

• Standard Repayment Plan
  This plan provides for substantially equal monthly payments during the life of the loan, not to exceed 10 years ($50 minimum per month).
• Graduated Repayment Plan
  This plan allows for a reduced payment initially with an increase in your payments every 24 months, providing the greatest relief from the 'cash crunch' of starting your career.
• Income-Sensitive Repayment Plan
  Monthly payments are adjusted annually based on expected total monthly gross income from all sources.
• Extended Repayment Plan
  Available for outstanding Graduate PLUS loans exceeding $30,000 and first disbursed on or after October 7, 1998, this plan provides an extended repayment period, not to exceed 25 years ($50 minimum per month). You can choose a standard or graduated payment amount. 
• Income-Based Repayment Plan (IBR)
  This plan is available July 1, 2009 for FFELP borrowers who are experiencing a “partial financial hardship.”
  - Parent PLUS Loans and Consolidation Loans that repaid Parent PLUS Loans are not eligible.
  - You may be eligible for forgiveness on your remaining balance after 25 years of eligible 
    payments.  However, at this time, any amount that is forgiven is considered taxable income. 
  - The 10-year Public Service Loan Forgiveness Program is only eligible for loans made under
    the Federal Direct Student Loan Program.
  - Estimate your monthly payment amount by using the IBR calculator. 
  - You are encouraged to contact a representative at our office to discuss all repayment options 
    prior to downloading and completing an IBR application.  Please note: The application must 
    be mailed to our office - faxed applications will not be accepted.  

To compare repayment plans, please see our Repayment Comparison Chart.

Interest Rate      Back to top

The interest rate for a Graduate PLUS loan is fixed at 8.5%.

If you qualify under the Servicemembers Civil Relief Act, the interest on your loans obtained prior to military service may be limited to 6% during your military service. To receive this benefit, you must contact SCSL for information about the documentation you must provide to show that your qualify.

Fees      Back to top

As permitted by law, we charge a 3% origination fee on a Federal Graduate/Professional PLUS Loan (Grad PLUS).  

Credit Requirements      Back to top

The review of your credit history will look at the past five years for adverse information including, but not limited to:

• Bankruptcy
• Foreclosure proceedings
• Government claim on a defaulted loan
• Deed in-lieu of foreclosure
• Credit line closed-not paying as agreed
• Lease on contract terminated by default
• Government claim on secured real estate
• Collection account
• Foreclosure
• Voluntary surrender
• Repossession
• County/state/federal tax lien
• Charge-off
• Judgment
• Presently 90 days or greater delinquency on any outstanding debts

The Online Pre-Application Process      Back to top

 
• We will obtain and review your credit history. 
• You will be notified of your approval or denial by the method of response you indicate on the online form.
• If you appear to be eligible, we will notify your school. We will also give you the opportunity to electronically submit the Application and Master Promissory Note, which must be completed prior to the disbursement of funds.
• Since the amount borrowed may not exceed the cost of education less other aid received, the Financial Aid Administrator at the school will determine whether you are eligible to receive the loan.
• This Pre-Application process does not guarantee eligibility for a loan.

Loan Discharge      Back to top

Your loan may be discharged (forgiven) when:

• Acceptable documentation of the borrower’s or student’s death is given to your lender;
• The student cannot complete a course of study because the school closes;
• The school falsely certifies your loan eligibility;
• A loan in your name was falsely certified as a result of a crime of identity theft; or
• You become totally and permanently disabled and meet certain other requirements. 

Your loan may also be discharged up to the amount of any refund that the school should have made, but did not send to your lender.

Your loan will not automatically be discharged in bankruptcy

More questions? Contact Us