Money to Cover What Scholarships Don't

Get low-interest undergraduate loans that cover tuition, books, housing and other educational expenses.

Don't worry—checking your rate won't impact your credit score

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Why South Carolina Student Loan?

Competitive Rates

As a not-for-profit, we offer competitive rates for every year of college.

Trusted Guidance

Our local advisers offer personalized guidance so you can make the best borrowing decision.

Tailored Loans

Get student loan options with repayment plans that fit your needs.

Zero Fees

When you borrow money from us for college, there is no loan origination fee like federal loans.

Multiple Uses

Our student loans can be used for any educational expenses.

Local Expertise

We're a South Carolina lender with decades of student loan experience.

Who is eligible?

Anyone attending college in South Carolina or South Carolina students studying out of state. 

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Money for College in Three Easy Steps

Prior to applying for any student loan or student aid, you should complete your Free Application for Federal Student Aid (FAFSA®). The schools you are applying to, whether colleges or universities, will award you money based on your FAFSA results. By completing the FAFSA, you may also qualify for grants from the federal government. In other words, before you apply for student loans with us, complete the FAFSA.

Check Your Rate

We offer student loans with competitive interest rates—checking yours won't affect your credit.

Get Local Help

Our local experts can answer any questions you might have about financing your education.

Apply Online

Submit your online application to get the money you need to pursue your dreams.

Student Loans at a Glance

What are the interest rates?

Rates start as low as 6.125%* 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.)

Fixed and variable options available.

*APR rates from 6.116% - 9.996%. The APR varies with interest rate, loan amount, and repayment term approved. Low rate shown includes a .25% reduction for bank draft. Rates based on credit and terms. 

What can the loan be used for?

Undergraduate student loans can be used to pay for any educational expenses, such as tuition and fees, room and board, books, school supplies, transportation, and a computer.

Can the loans be used for any undergraduate program?

For eligible borrowers, student loans can be used for any accredited two- or four-year college, technical school, or community college.

Who is eligible?

Those attending an undergraduate program in South Carolina and South Carolina students studying out of state are eligible for student loans from South Carolina Student Loan.

How much can I borrow?

MINIMUM LOAN
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 loans for students and federal Direct PLUS loans for parents exceed 1.00% and 4.00%, respectively.

Do I need a cosigner?

A creditworthy cosigner is not required if you meet SCSLC's eligibility and underwriting requirements. However, applying with a creditworthy cosigner may help qualify you for 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 have income sufficient to meet debt-to-income requirements.

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. Only parents are eligible for immediate repayment.

Variable interest rates are based on the 1-Month Term Secured Overnight Financing Rate (SOFR). Your rate will be effective quarterly on each January 1, April 1, July 1, and October 1. 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.

fixed interest rate means that the interest rate is fixed for the life of the loan.  Fixed interest rates may be as low as 7.125%* . 

By signing up for automatic bank draft with the servicer will reduce your interest rate by .25% and save you more in interest cost. 

See the Disclaimer at the bottom of this page for more details.

Do I have to make payments while I'm in school?

Loan terms and interest rates are based upon many factors, including the choice of repayment plan when applying for the loan.

Student Borrowers:
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:
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.

The Right Lender Is Right Here

South Carolina Student Loan has been helping students and families reach their educational goals for over half a century. From day one, we’ve put our students first, because we believe when they succeed, we all succeed. We accomplish that with low interest rates, a local team of trusted advisers, and unrivaled service.

Apply Now
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Loans for Your Dream Career

BOLD™ Career Pathways »

College loans that are paid for by your future employer, so you can graduate with less debt and have a job lined up.

  • Candidates will enroll at least half-time at an eligible educational institution.
  • 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.

Teacher Loans and Forgiveness »

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.

Phone

Call »

Talk to a human
(800) 347-2752

Chat

Chat

Click "Live Chat" for quick replies M-F, 8-5

Email

Email »

Easy connection to our advisers 24/7

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Disclaimer

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.  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 an index that is a benchmark known as the 1 Month Term Secured Overnight Financing Rate (SOFR) (the "Index") as published on the website of CME Group or as published by any other authorized benchmark administrator and is displayed on a screen or other information service as selected by South Carolina Student Loan Corporation (SCSLC) in its reasonable discretion. Variable rates may increase after consummation. Your interest rate will be set as of the date of the loan and thereafter adjusted quarterly on each January 1, April 1, July 1 and October 1 (the Interest Rate Change Date) based on the Index and the margin established when your loan is disbursed. The Index is based upon the Index value available as of two business days prior to the applicable Interest Rate Change Date, which is called the "Current Index." If the Current Index is less than zero, then the Current Index will be deemed to be zero for purposes of calculating your interest rate. Before each Interest Rate Change Date, SCSLC will calculate the new interest rate by rounding the Current Index to the nearest one-eighth of one percent (0.125% or 0.00125) and adding a margin (identified in your Approval Disclosure) to the Current Index. Your interest 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.

Only parents are available for immediate repayment.

*APR rates from 6.116% - 9.996%. The APR varies with interest rate, loan amount, and repayment term approved. 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. If the automatic payment is canceled for any reason by the loan holder, loan servicer, or the borrower 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. Automatic payments and the interest rate reduction will discontinue upon entering deferment or forbearance periods.

SCSLC reserves the right to alter, suspend, or terminate benefits at any time. Some conditions and/or restrictions may apply to benefit programs. 

All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
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