Refinance My Loans

Advantages of refinancing 

  • The convenience and ease of having one monthly payment to one lender.
  • A fixed interest rate as low as 3.99%* for the life of the loan and zero fees.
  • A lower monthly payment depending on the amount and interest rates of the loans you refinance.
  • A .25% reduction in your fixed annual interest rate if you sign up for automatic bank draft.

*APR 4.13%. Rate shown includes a .25% reduction for automatic bank draft.

Refinance eligibility requirements

  • Be in a grace period or post-enrollment repayment status and in good standing on all education loans being refinanced.
  • Be a U.S. citizen, national or permanent resident of the U.S.
  • Be employed (see Borrower Instructions).
  • Be creditworthy.
  • Be an SC resident.
  • Not be incarcerated.
  • Include at least one external eligible education loan not currently held by SCSL.
  • (Federal and Private loans are eligible to be refinanced, however, be aware that benefits associated with these loans will no longer apply.)
  • Be the named borrower on the loans being refinanced (i.e.,not the cosigner).
  • Have a minimum of $10,000 and a maximum of $150,000 in loans (includes all outstanding Palmetto Assistance Loans for the borrower).

Cosigner requirements

An applicant for a refinance loan may have a cosigner, who is at least 24 years old, if it will strengthen your application.

Which loans can be refinanced?

Any federal PLUS loan and/or other federal or private student loan except for Perkins Loans and those loans used for the Bar Exam, like SC Student Loan’s former PAL Law PREP, or loans used for medical residency and relocation, like SC Student Loan’s former PAL R&R.

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

Steps to refinance with us 

Application process
  • Complete the Application/Promissory Note and send it to SC Student Loan if applying electronically. If you are including a cosigner, you must download and print an Application/Promissory Note, Cosigner Addendum, and Notice to Cosigner.
  • 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 accepted, you will be sent a Final Approval Disclosure.
  • We will disburse funds to each of the lenders you listed.

Repayment information 

Let's go over your repayment options, monthly payments, and delaying payments. 

Repayment Details

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 on the length of the loan term.

PAL ReFi loan balance of less than $20,000 has a choice of a 5-year or 10-year term. PAL ReFi loan balance of $20,000 or greater has a choice of a 5-year, 10-year, or 15-year term.

There is no penalty for prepaying, so you can pay off your PAL ReFi loan early by making extra payments.

When is my 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 may be granted at the sole discretion of SC Student Loan.

    *SC Student Loan reserves the right to alter, suspend, or terminate benefits at any time. Some conditions and/or restrictions may apply to benefit programs. For loans repaid through consolidation with another lender, any credits or rebates given by SC Student Loan will be revoked and added to the principal balance owed.