Refinancing Your Loans Could Save You Money

Which loans can be refinanced?

Eligible loans include any school-certified private or federal education loans with the exception of: (1) Loans used for the bar exam preparation, (2) Loans used for medical residency and relocation, and (3) Other direct-to-consumer loans.

Applicants should be aware that any deferment, forbearance, repayment, discharge, or forgiveness benefits attributable to the loans being refinanced will no longer be applicable to the PAL ReFi Loan. See the disclaimer below.

Eligibility Requirements

• Be in a grace period, repayment, or enrolled in graduate school.
• Be in good standing on all education loans being refinanced.
• Be a U.S. citizen, national or permanent resident of the U.S.
• Must have income sufficient to meet debt-to-income requirements.
• Be creditworthy or provide a creditworthy cosigner.
• Be a South Carolina resident or be a resident of a state that has been approved for participation.
• Not be incarcerated.
• Be the named borrower on the loans being refinanced (i.e.,not the cosigner).
• Have a minimum of $5000 in loans to be refinanced, not to exceed $350,000 (which includes all outstanding Palmetto Assistance Loans for the borrower).
• Be the age of majority in the borrower's state of residence at the time of application.

Application Process

• Complete the online application and submit all required documents
• We will calculate the estimated payoff of your eligible loans based on the information you provide.
• We will create a new loan for the total of those paid off balances.
• We will issue you an Approval Disclosure containing your new loan information such as the interest rate, the payment amounts, the due date and the number of payments you will make on your new refinance Loan. You will have up to 30 days to accept the terms of the loan.
• Once you accept the loan terms and sign your promissory note, you will be sent a Final Approval Disclosure.
• We will disburse funds to each of the lenders you listed.

Repayment 

• What are my repayment options?
  A standard, level repayment plan provides for substantially equal monthly payments based on a maximum term with a minimum $50 payment. Interest rates vary depending creditworthiness and the length of the loan term selected.
  
  Borrowers may choose a repayment term of 5, 10, 15 or 20 years. There is no penalty for prepaying, so you can pay off your PAL ReFi loan early by making extra payments.
   
• When is the first monthly payment due?
  Within 60 days after the date the PAL ReFi Loan is disbursed.
   
• What if I need to postpone my monthly payments?
  Forbearance eligibility is determined by SC Student Loan.  Contact First Mark Services to discuss forbearance eligibility options.

BORROW RESPONSIBLY

We encourage students to explore all options before applying to refinance their federal student loans. Refinancing a federal student loan with a private lender means you will no longer have access to any benefits of your federal loans, including access to the U.S. Department of Education's repayment plans, potential debt cancellation, or any other measures implemented for federal loans.

This information is for borrowers applying to refinance existing educational loan debt. See "Eligibility Criteria" for additional information. Current credit and other eligibility criteria apply. The actual interest rate approved will be based on the selected loan term and is a fixed rate.

A fixed interest rate means that the interest rate is fixed for the life of the loan. *APR rates from 5.754% - 9.252%. 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. Variable rates may increase after consummation.  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.