Get the Answer Key to Financial Freedom
- Refinance eligible student loans into a new loan with an incredibly low fixed interest rate
- Created for South Carolina public school teachers
- Loan forgiveness available for eligible school districts
- Funded by the State of South Carolina for a limited time
* Annual Percentage Rate (APR) from 1.75% - 2.002%. Low rate shown includes a 0.25% reduction for recurring automated payments.
An Incredibly Low Rate Exclusively for Teachers
We’ve partnered with the State of South Carolina to offer this limited-time Teacher Refinance loan program to current elementary and secondary teachers in South Carolina public schools. Teachers with eligible student loans can refinance those loans into a new loan with a low 2% interest rate. Also, there is the potential for loan forgiveness for those teaching full-time in a geographic school district deemed critical by the South Carolina Department of Education. This program is a true game changer for many of our state's most critical public servants. Funding for this program is limited to $10 million. Each Teacher Refinance Loan is subject to funding availability and is not guaranteed.
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Two Great Paths for South Carolina Teachers
Teacher Refinance Loan
Any current public school teacher in South Carolina with student loan debt should explore this one-of-a-kind opportunity. The State of South Carolina has provided funding to help one of the state’s most critical assets, but this opportunity won't last forever.
Apply today to start benefiting from the fixed 2% interest rate and the reliable service of a local nonprofit lender.
Teacher Refinance Loan with Forgiveness
Are you currently working as a public school teacher in a critical geographic school district in South Carolina? If so, when you refinance your student loan debt into the Teacher Refinance Loan program, 20% of the balance can be forgiven for each year you continue teaching full-time in that district or another eligible school district—and all Teacher Refinance Loans have the same incredibly low 2% interest rate.
Districts That Qualify for Loan Forgiveness
Through a state-funded partnership with the State of South Carolina, the Teacher Refinance Loan program offers teachers a great alternative to traditional student loan refinance options. And for teachers in critical geographic school districts, the program forgives 20% of the refinance loan for each year of continued full-time teaching.
Teacher Refinance Loans at a Glance
- What is the interest rate for a Teacher Refinance Loans?
The interest rate for a Teacher Refinance Loan is a fixed rate of 2%.
- Do I have to teach in a critical geographic area to be eligible for the loan?
No. Non-forgivable refinance loans are available to eligible teachers not in critical geographic areas.
- Can the Teacher Refinance Loan be used to refinance any type of debt?
No. Only private education loans used to pay qualified higher education expenses (excluding direct-to-consumer loans such as loans made for bar study or residency and relocation) and any federal education loans (excluding Parent PLUS loans) can be refinanced.
- What are the loan limits?
MINIMUM LOAN
The minimum loan amount is $2,500.
MAXIMUM LOAN
The maximum loan amount is $27,500.
- Do I have to pay up-front fees?
There are no application or origination fees associated with this loan.
- What is the maximum loan repayment period?
The maximum loan repayment period for a Teacher Refinance Loan is 10 years.
- How much of the loan may be forgiven?
An eligible borrower may have 20% of his or her Teacher Refinance Loan forgiven for each year of qualifying full-time teaching. Some borrowers teaching in a critical geographic school district may not have their loans forgiven if the program funding has been depleted.
- Will these loans be available in future years?
The State of South Carolina has funded this program with $10 million. When the funds are depleted, the program may not be available to applicants.
- How do I apply for loan forgiveness?
At the end of each year of eligible teaching service, South Carolina Student Loan will send a Teacher's Request for Deferment/Forgiveness form that must completed by you. Your teaching service must also be certified by your school district's Personnel Officer or Superintendent.
Once South Carolina Student Loan receives the completed form, we will verify your eligibility and teaching service. If approved, 20% of your outstanding loan balance, including principal and accrued interest will be forgiven. If you remain eligible for additional forgiveness in subsequent years, a deferment for the next academic year will be added to your loan, as applicable.
- If I refinance my federal student loan(s) into the Teacher Refinance Loan program, will I lose federal benefits?
Yes, we encourage borrowers to explore all options before applying to refinance their federal student loans. Refinancing a federal student loan with a private lender means you will no longer have access to the various benefits available on federal student loans, such as income-driven repayment plans, deferment, forbearance, loan discharge, and loan forgiveness..
Talk to an Expert
The last thing teachers need is more work to do outside of the classroom. Thankfully, our advisers are here to walk through eligibility, the application process, and repayment options—so you can refinance your eligible education loans with confidence and clarity.
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Designed for Teachers
Offered in partnership with the State of South Carolina, the Teacher Refinance Loan is an opportunity that teachers can’t afford to miss. And applying is simple. Get started to see what you could save today!