Repayment Information

What you borrow has to be paid back, so it's important that you understand all the terms and conditions of your student loan.  The more you know, the easier it will be to manage your student loan account.  We’ll help you explore all of the available student loan repayment options and benefits so you can choose the plan that works best for you.  SCSL also offers options to postpone your payment, if needed.  To make a payment, please visit our Making a Payment page.

As a borrower, you have certain rights and responsibilities.

Rights - You have the right to:

• Prepay all or any part of your loan at any time without penalty
• Deferment of repayment if you are eligible and if you apply according to the lender's requirements; for a complete list, click here
• Receive from your lender (after your loan is fully repaid) a copy of your promissory note or some other document showing that you have discharged your obligation

Responsibilities - You are responsible for notifying us of:

• Name changes
• Address changes
• Telephone number (home & business) changes
• SSN changes or discrepancies
• Not enrolling at least half time at the school that certified your loan
• Withdrawing, dropping below half time, graduating, or transferring schools
• You should also notify the lender of any other changes in your status that would affect your loan status.
• You are responsible for the repayment of your loan(s)

We offer a variety of repayment plans to help you ensure successful repayment of your loan.  
 
Repayment Plans

• Standard Repayment Plan
  This plan provides 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. This plan provides 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
  For new borrowers on or after October 7, 1998 with Federal Family Education Loans (FFEL) exceeding $30,000, this plan sets a fixed annual or graduated repayment amount paid over an extended period of time, not to exceed 25 years ($50 minimum per month). 
• 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.

If you are having difficulties making your payments, we have different options to assist.  You may be eligible for a deferment, or you can request forbearance.  Deferment options are based on when your loan was first disbursed.  If your loan was disbursed prior to July 1, 1993, you are eligible for one set of deferments or if all of your loans were disbursed on or after July 1, 1993, you are eligible for a slightly different set of deferments.  Please see our download forms page for a list of deferments available.

Forbearance is a period of time when you do not qualify for a deferment but you need a temporary suspension of payments. Forbearance is granted at SC Student Loan’s discretion. During the forbearance period, interest continues to accrue on your account. You may choose to pay the interest or it will be added to the principal balance at the end of the forbearance period (capitalized), which may increase your monthly payment.  To apply for a forbearance, simply download and complete a Forbearance Agreement form.

Budget Calculator - This can be used to budget and track your finances.