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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.