South Carolina Student Loans

 

South Carolina’s reputation for achievement in higher education is growing. According to the Post and Courier, over 70 percent of high school students in this state went on to enroll in college in 2008 — a rate that exceeds the national average. Home to institutions like the University of South Carolina, Clemson University, the Medical University of South Carolina, and the College of Charleston, South Carolina offers a wealth of educational opportunities. There are also numerous technical colleges and professional programs in the Palmetto State.

With tuition costs rising each year, it’s become more important than ever to research your financial aid options when you’re preparing for an advanced education. Whether you’re interested in a public university, a private college, or a professional program in SC, you’ll find that there are many scholarships and loans to help you achieve your goals.

Long Island University - C.W. Post Students

Federal Loans for SC Students

These days, it’s nearly impossible to earn a college degree without some form of financial assistance. The University of South Carolina estimates that 87 percent of its student body receives financial aid, including state residents and non-residents. A large percentage of this aid comes in the form of federal loans issued through the U.S. Department of Education, including:

You can apply for federal assistance with a single application: the Free Application for Federal Student Aid (FAFSA). Federal loans can supplement your state-based financial aid and help you complete your degree at an affordable rate.

State-Specific SC Student Loans

crunch time
Private loans can help you finance your education in South Carolina at lower-than-average interest rates. South Carolina Student Loans (SCSL) is a well-established, non-profit educational lender that has been issuing affordable financial aid since the 1970s. The SCSL sponsors several loan programs for South Carolina residents and non-residents alike:

Private Educational Loans in SC

In addition to federal loans and SCSL loans, financing is available through private lenders inside and outside of South Carolina. These include banks, credit unions, corporate entities, and other financial institutions. Because private educational loans — also known as Alternative Education Loans — typically have higher interest rates and less favorable repayment terms than loans sponsored by the government or state institutions, you should ideally not rely on these loans as a primary source of financial aid.

Students who apply for private educational loans are strongly encouraged to compare their interest rates, lending fees, and repayment terms before making a commitment to a private lender. Borrowers should be aware that some private loans have a higher interest rate after the student graduates and the loan enters repayment.

Unlike federal loans, private educational loans are not backed by the government and not subject to the same regulations. Interest rates are typically higher than the rates for federal loans, and lending fees can be steep. It’s very important to consider not only the terms of a private educational loan, but the financial stability and history of the lender before you accept credit.

Applying for SC Student Loans

You can apply for any of the loans issued by South Carolina Student Loan by contacting this agency for an application or by downloading an application directly from the SCSL website. If your application is accepted, you will be asked to sign a promissory note. A promissory note is a binding legal contract that sets out the repayment terms and interest rate of your loan. The promissory note also clarifies the lender’s cancellation and deferment policies.

South Carolina Student Loan requires that students who receive a loan attend entrance and exit counseling sessions. Borrowers must complete entrance counseling before they receive their first loan disbursement and exit counseling before graduation. Counseling ensures that student borrowers understand the terms and conditions of their loans.

Tuition Grants in SC

Grants are awarded by government departments, corporate entities, foundations, trusts, educational institutions, or nonprofit organizations. There is no obligation to repay these funds; however, awardees must meet specific requirements to maintain their funding. South Carolina residents can apply for a number of federal and state-based grant programs, including:

Planning Your Future

Consider Loan Consolidation
Higher education is one of the most significant investments you can make. While many SC students take advantage of state-sponsored scholarships and grants, most will need some form of credit to finance their degree. With so many student loan options available, it can be difficult to make an informed decision about financial aid. Our Student Loan Comparison Tool helps you select the loan that’s right for you.

 

General