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 your loan at any time without penalty
- Postpone 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.
- 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 (PAL loans before 07/01/09)
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.
To compare repayment plans, please see our Repayment Comparison Chart.
Forbearance is a period of time when 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. Please see our forbearance form.
Budget Calculator - This can be used to budget and track your finances.