PAL Consolidation Loan :: South Carolina Student Loan

Loan Programs

PAL Consolidation Loan

*Please see suspension announcement below.
**For PAL Consolidation Loans borrowed prior to November 19, 2008, please see repayment and interest rate information listed below.

*Suspension Announcement

As of November 19, 2008, SC Student Loan has suspended all Palmetto Assistance Loan (PAL) programs due to the ongoing disruption in the credit markets. This decision has no impact upon our Federal Family Education Loan programs.

While it is unfortunate that we are forced to take this measure, SC Student Loan remains deeply committed to providing college access for students and families in South Carolina who rely on education loans for higher education. We encourage you to take advantage of all our federal loan programs including Federal Stafford, Federal Parent PLUS and Federal Graduate/Professional PLUS.

Should you wish to speak to a knowledgeable SC Student Loan representative about loan options for higher education, please call us toll-free at (800) 347-2752 from 8:00 a.m. to 5:00 p.m. (Eastern) Monday through Friday.

**Repayment Information

Longer repayment periods are the key to lowering your monthly payments. Your new loan will be structured with the longest repayment period applicable. Your term will be 10, 12, 15, 20, 25, or 30 years in length, depending on the total amount of your SC PAL Consolidation Loan.

We offer:

Standard Payment Plan
This plan provides substantially equal monthly payments during the entire life of the loan. Each payment includes a portion of both interest and principal. This option is always the least costly as it results in the lowest total interest charges over the life of the loan (assuming all payments are made on time).
Graduated Payment Plan
With a periodic increase in your payments, this plan provides for the greatest relief from the “cash crunch” of starting your career. In the early years, your payment may go totally toward interest.

**Interest Rate

Loan applications received on or after June 1, 2008 will bear interest at a variable rate, indexed off of the 3-month LIBOR rate published by Bloomberg, L.P.®, adjusted each calendar quarter. The LIBOR (London Inter-Bank Offered Rate) rate is defined as the quoted 3-month rate two business days prior to the end of each calendar quarter. The current interest rate is the 3-month LIBOR + 4.5%, adjusted quarterly.

Loan applications received prior to June 1, 2008 will bear interest at a variable rate, indexed off of the Prime Rate published by Bloomberg, L.P.®, adjusted each calendar quarter. The Prime Rate is defined by the “bank prime loan” interest rate as reported on the last business day prior to the beginning of each calendar quarter.

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