Grad Loans Engineered for Your Success

South Carolina Student Loan is a not-for-profit lender offering low-interest loans to help cover what scholarships don't for engineering school.

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Why Choose South Carolina Student Loan?

There are many reasons to choose us as your partner throughout (and after) engineering school.

Competitive Rates

As a not-for-profit, we offer competitive rates for every year of engineering school.

Flexible Payments

With us, you have multiple repayment plan options.

Multiple Uses

Our loans can be used for any education expenses.

Special Offers

We offer a .25% interest rate reduction for borrowers who sign up for automatic bank draft.

Personalized Guidance

Our team tailors options to fit you and your goals.

Local Expertise

We're a South Carolina lender with decades of experience.

Grad Loans to Help You Build a Better Future

South Carolina Student Loan can help you reach your professional goals. Our low-interest loans for engineering school can be used to cover tuition, books, housing, and other educational expenses. And because we're a local lender, we have expert help when you need it—where you need it—so you can focus on your classes and internships instead of your finances.

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Who Is Eligible?

Anyone attending an accredited graduate engineering school in South Carolina, as well as any student from South Carolina attending an accredited engineering school in another state.

Graduate Loans for Engineering Degrees at a Glance

What are the interest rates?
  • Fixed and variable options are available—and rates start as low as 5.625%* with no application or origination fees.
  • *APR rates from 5.709% - 10.031%. The APR varies with interest rate, loan amount, and repayment term approved. Low rate shown includes a .25% reduction for bank draft. Rates based on credit and terms.
What can the loan be used for?

Grad loans can be used to pay for any educational expenses, such as tuition and fees, room and board, books, school supplies, transportation, and a computer.

Can the loans be used for any type of graduate school?

For eligible borrowers, graduate loans can be used for any accredited graduate school. Loans cannot be used for private proprietary colleges.

How much can I borrow for graduate school?

MINIMUM LOAN
The minimum loan amount is $2,500.  You can borrow up to the cost of attendance, minus any other financial aid (as certified by your school).    

MAXIMUM PAL DEBT
The maximum total debt is $150,000 for borrowers and cosigners, including previous SCSL loans. 

Do I have to pay up-front fees?
  • There are no origination fees associated with this loan. Zero origination fees deducted from your loan means more of your loan funds are available for you to pay your school expenses.
  • The origination fee exceeds 1% on federal Direct Subsidized and Unsubsidized loans and 4% on federal Direct PLUS loans.
What is the interest rate based on?

A PAL borrower may select a fixed or variable interest rate. 

The actual interest rate approved will be based on creditworthiness, selected loan term, and whether you elect to enter immediate repayment, pay your accruing interest or a required fixed monthly payment during the enrolled period, or for student borrowers, whether you elect to defer required payment during the enrolled period.

Your rate will be disclosed in your Approval Disclosure. Only parents are eligible for immediate repayment.

Variable interest rates are based on the 1-Month Term Secured Overnight Financing Rate (SOFR). Your rate will be effective quarterly on each January 1, April 1, July 1, and October 1. The rate will not increase more than once a quarter, and your interest rate is capped at 12%. A change in the interest rate may cause the amount of the monthly payment to increase or decrease, or may cause the number of payments to change.

fixed interest rate means that the interest rate is fixed for the life of the loan.  Fixed interest rates may be as low as 6.625%*. 

Signing up for automatic bank draft with the servicer will reduce your interest rate by .25%.

See Disclaimer at bottom of page for more details.

Do I have to make payments while I'm still in school?

Loan terms and interest rates are based upon the many factors, including the choice of repayment plan when applying for the loan.

Student Borrowers:
Student borrowers taking out the PAL loan in their name have three repayment options during the initial enrollment period: fully deferred payments, monthly interest- only payments, or a required fixed $25 monthly payment plan. Student borrowers will have a 6-month Grace Period that begins the day after the borrower drops to a less than half-time enrollment status. If the borrower had elected to make required in-school payments, those payments will continue during the Grace Period.

Parent Borrowers:
Parent borrowers who select to have the loan processed in their name can select the interest- only monthly payment option, a required fixed $25 monthly payment, or begin full repayment (principal + interest) immediately.

When do I start making full repayment (principal + interest)?

Student borrowers are required to start making full repayment within 60 days after the end of the Grace Period.  Parent borrowers are required to start making full repayment within 60 days after the benefiting student is no longer enrolled on at least a half-time basis.  

Your servicer will provide you with repayment information and billing statements so it is important that you provide any change of address to them as soon as it is known.

Ready To Get Started?

Check your rate in minutes or create an account to apply today.

Talk to an Expert.

Access to our trained advisers is just one perk of using South Carolina Student Loan. They’ll help you maximize your scholarships and grants (ie: free money!) and then help you make up the difference with a smaller loan amount that you’ll be able to repay faster.

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Disclaimer

BORROW RESPONSIBLY

We encourage students and families to investigate all options and compare private and federal loans to choose the best loans that fit your needs. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a student loan.  The actual interest rate approved will be based on creditworthiness, selected loan term, and whether you elect to enter immediate repayment, pay your accruing interest or a required fixed monthly payment during the enrolled period, or for student borrowers, whether you elect to defer required payment during the enrolled period. Your rate will be disclosed in your Approval Disclosure.

Variable interest rates are based on an index that is a benchmark known as the 1 Month Term Secured Overnight Financing Rate (SOFR) (the "Index") as published on the website of CME Group or as published by any other authorized benchmark administrator and is displayed on a screen or other information service as selected by South Carolina Student Loan Corporation (SCSLC) in its reasonable discretion. Variable rates may increase after consummation. Your interest rate will be set as of the date of the loan and thereafter adjusted quarterly on each January 1, April 1, July 1 and October 1 (the Interest Rate Change Date) based on the Index and the margin established when your loan is disbursed. The Index is based upon the Index value available as of two business days prior to the applicable Interest Rate Change Date, which is called the "Current Index." If the Current Index is less than zero, then the Current Index will be deemed to be zero for purposes of calculating your interest rate. Before each Interest Rate Change Date, SCSLC will calculate the new interest rate by rounding the Current Index to the nearest one-eighth of one percent (0.125% or 0.00125) and adding a margin (identified in your Approval Disclosure) to the Current Index. Your interest rate will not increase more than once a quarter, and your interest rate is capped at 12%. A change in the interest rate may cause the amount of the monthly payment to increase or decrease or may cause the number of payments to change.

A fixed interest rate means that the interest rate is fixed for the life of the loan.

Only parents are eligible for immediate repayment.

*APR rates from 5.709% - 10.031%. The APR varies with interest rate, loan amount, and repayment term approved. Low rate shown includes a .25% reduction for bank draft. Rates based on credit and terms.

Autopay Discount – The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If the automatic payment is canceled for any reason by the loan holder, loan servicer, or the borrower at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. The discount reduces the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount, depending on the type of loan you receive, but may reduce the number of payments or the amount of your final payment. Automatic payments and the interest rate reduction will discontinue upon entering deferment or forbearance periods.

SCSLC reserves the right to alter, suspend, or terminate benefits at any time. Some conditions and/or restrictions may apply to benefit programs. 

All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
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