Lower Rates Lower Payments
Our low refinancing rates can save you thousands in interest payments.
Don't worry—checking your rate won’t impact your credit score
Great Rates, No Fees
Our rates are equivalent to other private lenders and without the hefty fees of federal loans.
We can help you refinance your loans at a lower rate and a different term with no fees.
Our local advisers offer personalized guidance so you can make the best borrowing decision.
Lower your interest rate
One of the top reasons to refinance is to get a lower interest rate, which can save you thousands. Many refinancers are eligible for a lower rate because they have a steady job and have improved their credit since taking out their loans. Do your research to find low interest refinancing options.
Get rid of your debt sooner
If you’re in a financial position to pay off your student loan debt faster, refinancing could be a great option for you. The simple fact is: if you pay off your loan faster, you pay less interest. An added bonus is that when you elect to pay off your loan faster, you often qualify for a lower interest rate, saving you even more.
Take advantage of special offers
A number of lenders have special offers that may not have been available when you originally took out your loan. For example, we offer a .25% interest rate reduction for borrowers who sign up for automatic bank draft. That means you save money and don’t have to stress about making your payment on time.
- Consolidate your loans
Do you have more than one loan? Are you making payments to several lenders? By refinancing you can combine all your loans together into one convenient monthly payment. Look for options to refinance both your federal and private student loans. Be aware though, if you refinance your federal loans, you're applying for one private loan, and you may give up some federal student loan protections like income-based repayments, loan forgiveness, and deferment and forbearance.
- Lower your monthly payment
Are you going back to school, planning for a family, or starting a business? If your priority is having a low monthly payment so you can commit your resources somewhere else, refinancing may make sense for you. Look for options to lower your interest rate or extend your loan term when you refinance.
- Set a fixed rate for the life of your loan
If any of your loans have variable interest rates, that means that your rate could increase over time as the market conditions change. If you’d like the predictability of having an interest rate that remains the same for the life of the loan, look for fixed interest refinance options.
Advantages to Refinancing
- The convenience and ease of having one monthly payment to one lender.
- A lower monthly payment depending on the amount and interest rates of the loans you refinance.
- A fixed interest rate as low as 6.250%* for the life of the loan and zero fees. (*APR rates from 6.260% - 9.005%. Low rate shown includes a .25% reduction for bank draft. Rates based on credit and terms.)
- A .25% reduction in your fixed annual interest rate if you sign up for automatic bank draft.
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, or loans used for medical residency and relocation.
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.
- 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.
- Be employed or have income sufficient to meet debt-to-income requirements.
- Be creditworthy.
- Be a SC resident or have previously attended a SC school.
- Not be incarcerated.
- 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 $5000 in loans to be refinanced, not to exceed $250,000 (which includes all outstanding Palmetto Assistance Loans for the borrower).
- 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.
- 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 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.
- What are my repayment options?
Pay Less. Simplify Life.
Make a smart decision for your financial future. Get a low interest refinance loan with us.
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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