Students

Borrow Responsibly 

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.

This information is for students attending participating certificate or degree-granting schools in South Carolina. Borrowers must be U.S. citizens or U.S. permanent residents attending an eligible public or non-profit college or university within the U.S. The borrower must be a U.S. citizen, national, or permanent resident of the U.S. Current credit and other eligibility criteria apply.

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 the 1-Month Term Secured Overnight Financing Rate (SOFR) (the Index). Your rate will be effective quarterly on each January 1, April 1, July 1, and October 1 (the Interest Rate Change Date). We will calculate your new rate by rounding the Index rate, as reported by The CME Group two business days prior to the Interest Rate Change Date, up to the nearest one-eighth of one percent (0.125% or 0.00125) and adding a margin between 0.00% and 11.75% to the Index. The 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.

*APR rates range from 5.13% - 12.00%. 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 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. ACH payments and discount will discontinue upon entering deferment or forbearance periods. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. 

Borrowers are required to start making full repayments within 60 days after the end of the 6-month Grace Period that begins the day after the student drops to a less than half-time enrollment status.

Loan Limits – Borrow up to your total cost of attendance minus other aid received. The aggregate limit is $150,000 for both the borrower and cosigner. The minimum amount you may borrow is $2,500.