Loan Programs
Palmetto Assistance Loan
The Palmetto Assistance Loan (PAL) is South Carolina Student Loan’s no-fee private education loan, available for undergraduate students, graduate students, and parents of undergraduate students. The PAL can only be used to pay for educational expenses, such as tuition and fees, room and board, books, school supplies, and transportation. SCSL encourages borrowers to explore available grants, scholarships, and federal loan programs before applying for any private, alternative loan.
Select each of the options below to learn more:
Undergraduates under the age of 24 are required to have a cosigner, preferably a parent or guardian. Graduate students and parent borrowers are not required to have a cosigner unless they have questionable credit. Cosigners must be at least 24 years of age and must be employed or retired.
To begin the Palmetto Assistance Loan process, apply online or simply download and complete the pre-application.
Eligibility Requirements
To be eligible for this loan, you must:
- Be creditworthy or able to supply a creditworthy cosigner. Cosigners can download and complete a cosigner application.
- In good standing with other educational loans
- Be a U.S. citizen or permanent resident
- Be enrolled at a minimum of half-time in a certificate or a degree program at an approved school
- Be a high school graduate or have completed a GED
- Maintain satisfactory academic progress, as defined by your school
Current Maximum Loan Amounts
You can borrow up to the cost of attendance, minus any other financial aid.Maximum Total Debt from Palmetto Assistance Loan
There is a $150,000 aggregate maximum.Disbursement of Funds
Loan funds will be sent directly to the school and made payable to the borrower. The funds will be disbursed according to the dates the school provides us when they certify loan eligibility.
Repayment Information
Payments are due six months after the student graduates, leaves school, or attends school less than half-time. Check your repayment schedule below:| Amount Borrowed | Length of Repayment |
| Less than $9,999 | 12 years/144 months |
| $10,000-$19,999 | 15 years/180 months |
| $20,000-$39,999 | 20 years/240 months |
| $40,000-$59,999 | 25 years/300 months |
| $60,000 or more | 30 years/360 months |
We offer two repayment schedule plans:
- Standard Repayment
This plan provides for substantially equal monthly payments during the life of the loan ($50 minimum per month). - Graduated Repayment
Monthly payments are smaller at the beginning of the payment period and gradually become larger. Payments are increased every 24 months. This plan provides for the greatest relief from the 'cash crunch' of starting your career.
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.
The Online Pre-Application Process
- 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.
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