South Carolina Student Loan


Loan Programs

PAL Consolidation Loan

The PAL Consolidation Loan is a no-fee private loan that allows borrowers to consolidate their private and federal education loans into one convenient loan. 

If your payments are too high, too often, or spread
out among multiple lenders, consider consolidating! 
Combine the convenience of one monthly payment with dealing with one local, non-profit lender. 
To apply for a PAL Consolidation Loan, simply download and complete a PAL Consolidation Loan Application.

Eligibility Requirements 


An applicant for a PAL Consolidation must:

  • Be in a grace period or post-enrollment repayment status and in good standing on all education loans being consolidated.
  • Be a U.S. Citizen, national or permanent resident of the U.S.
  • Have both a FICO credit score of 670 or above and a debt-to-income ratio of 30% or less. If the applicant does not meet these criteria, he or she must supply a cosigner who does. In addition to the aforementioned criteria, the cosigner must be 24 years of age or older, employed or retired, and be a U.S. citizen, national or permanent resident. A cosigner cannot be released until the loan is completely paid off.  A cosigner may download and complete the PAL Consolidation Cosigner Addendum.
  • Be a SC resident or a nonresident with eligible loans made for attendance at eligible in-state school(s).  Due to conflicts with applicable state laws, residents of MA, OK, and WV are not eligible. 
  • Have loans made for attendance at a Title IV eligible school located in the U.S.
  • Not be incarcerated.

Loan Process 

  • Complete the Application/Promissory Note (and Cosigner Addendum, if applicable) and send it to SC Student Loan.
  • We will calculate the payoff of your eligible loans based on the information you provide.
  • We disburse funds to each of the lenders you listed.
  • We create a new loan for the total of those paid off balances.
  • We will then issue you a Repayment Schedule and Disclosure Statement 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 SC PAL Consolidation Loan.

Current Loan Maximum Amounts


The minimum amount is $5,000 and the maximum amount is $150,000 (includes all outstanding PAL Loans except Law PREP and R&R for the borrower or cosigner). 

Repayment Information

A standard, level repayment plan provides for substantially equal monthly payments based on a maximum term with a minimum $50 payment.
- Consolidated loan balance of less than $17,500 has a 10-year term.
- Consolidated loan balance of $17,500 or greater has a 15-year term.
There is no penalty for prepaying early, so you can pay off your consolidated loan early by making extra payments.

Interest Rate 

A fixed interest rate of 6.75% for the life of the loan.


More questions? Contact Us


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