When should I apply for a loan?

The sooner you apply for a loan, the better.  

The sooner you apply for a loan, the better. After you have filed your Free Application for Federal Student Aid (FAFSA), your college financial aid office will determine your eligibility for federal student loans and mail you a financial aid award letter which will detail your total eligibility. 

If you need additional funds or if your aid package contains federal parent loans, we’ll help you cover the difference at a much lower cost with our Palmetto Assistance Loan.

If you are applying for the South Carolina Teachers Loan, you will need to apply as soon as the application for the new academic year is available, usually in February, because these funds are limited by the state each year.  

What are the loans that South Carolina Student Loan offers?

We offer the Palmetto Loan for both parents and students during periods of enrollment.   The SC Teachers Loan is a forgivable loan for those planning to teach in a critical subject or geographic area in South Carolina.  Our Re-Fi loans are perfect for those with multiple loans and higher interest rates in order to help reduce your payment and save you money.  

When do I start repaying my loans?

When you apply for the Palmetto Assistance Loan, you get to choose how and when you repay.  You can select your repayment plan  and loan term to fit your needs.  

The first payment of the South Carolina Teachers Loan is due six months after the student graduates or is no longer enrolled on a half-time basis.  However, students who borrow the South Carolina Teachers Loan may be eligible to have portions of their loans forgiven if they are teaching in a critical subject or geographic area within the South Carolina public school system.  See Teacher Forgiveness for more information.  

What is a Promissory Note?

A Promissory Note is a contract to repay a loan.  It defines the rights and responsibilities of the borrower as well as the lender.  As student may add a cosigner in order to help with the approval process.  Cosigners will be required to sign a separate document as well. 

How long will it take for you to process my loan?

For the Palmetto Assistance Loan:
The process for approval is fast! Apply online in minutes and receive our initial credit decision immediately.  After you complete your paperwork online and accept the loan terms, we will request your school's Financial Aid Office to send us their certification.  We will disburse the funds based on the schools recommended disbursement date, following all necessary federal guidelines.  

For the SC Teachers Loan:
The SC Teachers Loan application must be filled out by the student, by the college's School of Education and college's Financial Aid Office.  We will process your application as soon as we receive it from the Financial Aid Office, but we will not make a final approval of the loan until we find out from the State how much funding we will receive for the upcoming academic year  Once funding is approved, we will disburse the funds based on the school request.  

What can I do if my loan application is denied because of my previous credit history?           

You may want to consider adding a creditworthy cosigner to your loan.  You should also check to see if the credit history used by SC Student Loan is accurate.  The denial letter you received provided you with the address of the credit bureau that was used to obtain your credit report.  Contact this credit bureau and determine if the information that they provided to SC Student Loan was accurate (you are entitled to a free copy of your credit report).  If it was inaccurate, request that the credit bureau repair the damage and alert us when the mistakes have been fixed.  

How can i find other scholarships and grants that might increase my financial aid and help with my loan debt?

Always get as much free aid as possible.  Many grants and scholarships require the student to submit an application.  Visit our College Planning Center for amazing resources including scholarship searches.  

What is considered half-time status?
Half-time status is determined by your school.  In most cases, enrollment must be a least half-time to qualify for financial aid.  
What is your tax ID number?

Our tax ID number is 57-060805

What is my grace period and how many times can I receive one?

Grace period is the period of time that begins when a borrower graduates (or ceases to be enrolled at least half-time) and ends when repayment must begin.  The Palmetto Assistance Loan and SC Teacher Loan has a six-month grace period. The PAL ReFi Loan enters repayment immediately.  

If I have additional federal student loans outstanding, how can I locate them?

You may access additional student loan information at https://www.nslds.ed.gov/nslds/nslds_SA/

What is accrued interest?

Our loans are simple daily interest loans.  Calculate daily interest as follows:  

Principal balance x interest rate / 365.25 = daily interest

Example:  You borrow $5,000 at 8%.  The amount of interest charged each day can be determined as follows:  (5000.00) x (.08) = 400 / 365.25 = $1.10 per day.  When a payment is received, fees are satisfied first, followed by accrued interest.  The remaining amount is applied to the principal.  

How much can I receive in a Palmetto Assistance Loan or SC Teachers Loan/Career Changers Loan/PACE Loan?

The minimum loan for the Palmetto Loan is $2,000.  You can borrower up to the cost of attendance, minus any other financial aid you are receiving.

In the SC Teachers Loan program, freshmen and sophomores may borrower up to $2,500 per year.  Juniors, seniors, and graduate students may borrower up to $5,000 per year.  The aggregate maximum is $20,000 for undergraduate and graduate students.  

Career changers may borrow up to $15,000 per year and up to an aggregate maximum of $60,000.

PACE Loan Program participants may borrow up to $750 per year, not to exceed an annual maximum of $5,000.