Student Loans from Actual People
Low-rate undergraduate loans that cover tuition, books, housing and more.
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.
After you graduate, if interest rates change, we can help you refinance at a lower rate.
Our local advisers offer personalized guidance so you can make the best borrowing decision.
Undergraduate Loans At A Glance
- Rates start as low as 7.500%* with no application or origination fees. (Origination fees on federal Direct loans for students and federal Direct PLUS loans for parents exceed 1.00% and 4.00%, respectively.)
- Loan can be used to pay for educational expenses, such as tuition and fees, room and board, books, school supplies, transportation, and a computer.
- *APR rates from 7.629% - 9.889%. Low rate shown includes a .25% reduction for bank draft. Rates based on credit and terms.
- Eligibility: anyone attending college in South Carolina or South Carolina students studying out of state.
- Fixed and variable options available.
- Cosigner not required, but may help you qualify for a lower rate.
Loans for Your Dream Career
College loans that are paid for by your future employer, so you can graduate with less debt and a job lined up.
- Candidates will attend an SC college.
- Loans are at the discretion of employers, based on what positions they are most in need of.
- Candidates will agree to work at the partner company after completion of the program, and will have their loan payments made by the employer.
Low interest loans for SC residents who are:
- Undergraduate or graduate students pursuing a degree in education.
- Career changers who want to become a teacher.
- Individuals interested in an alternative pathway to educator certification (PACE loans).
Ready to get started?
Check your rate in just a few minutes online or create an account to apply.
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.
Click "Live Chat" for quick replies M-F, 8-5
Easy connection to our advisers 24/7
- How much can I borrow?
The minimum loan amount is $2,500. You can borrow up to the cost of attendance, minus any other financial aid (as certified by your school).
MAXIMUM PAL DEBT
The maximum total debt from a PAL is $150,000 for borrowers and cosigners, including previous PAL loans.
- Do I have to pay up-front fees?
There are no origination fees associated with this loan. Zero origination fees deducted from your PAL loan means more of your loan funds are available for you to pay your school expenses!
Origination fees on federal Direct Subsidized and Unsubsidized loans are 1.00% and 4.00% for federal Direct PLUS loans.
- Do I need a cosigner?
A creditworthy cosigner is not required but may help you qualify and/or receive a lower interest rate.
You may not serve as your own cosigner. A cosigner must be a U.S. citizen, national or permanent resident, have attained the age of majority in his/her state of residence at the time of loan application, and must be employed or retired to qualify.
- What is the interest rate based on?
A PAL borrower may select a fixed or variable interest rate.
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. Fixed interest rates may be as low as 7.500%* .
By signing up for automatic bank draft with the servicer will reduce your interest rate by .25% and save you more in interest cost.
- Do I have to make payments while I'm in school?
Loan terms and interest rates are based upon the many factors, including the choice of repayment plan when applying for the loan.
Student borrowers taking out the PAL loan in their name have three repayment options during the initial enrollment period: fully deferred payments, monthly interest- only payments, or a required fixed $25 monthly payment plan. Student borrowers will have a 6-month Grace Period that begins the day after the borrower drops to a less than half-time enrollment status. If the borrower had elected to make required in-school payments, those payments will continue during the Grace Period.
Parent borrowers who select to have the PAL loan processed in their name can select the interest- only monthly payment option, a required fixed $25 monthly payment, or begin full repayment (principal + interest) immediately.
- When do I start making full repayments (principal + interest)?
Student borrowers are required to start making full repayments within 60 days after the end of the Grace Period. Parent borrowers are required to start making full repayment within 60 days after the benefiting student is no longer enrolled on at least a half-time basis.
Your servicer will provide you with repayment information and billing statements so it is important that you provide any change of address to them as soon as it is known.