South Carolina Student Loans in 2021 Application Guide

Filed in Loan by on November 18, 2020

South Carolina Student Loans in 2021 Application Guide.

South Carolina Student Loans: Sometimes the best available option, when you’re out of cash, is to go for a loan. if you’re from South Caroline and you’re looking for an available loan, read through this article and get concise information about it.

South Carolina Student Loans

The Palmetto Assistance Loan (PAL)

The PAL is amazing to collect a student loan. It provides low and stable interest rates on private loans to legal U.S. citizens.

There are many things you can do with a loan, for instance, you can use it to cover your tuition, educational fees, transportation, supplies, and books, or a computer.

To be able to enjoy this amazing loan offer, registering in a public or private school in South Carolina is very necessary.

Another amazing feature about this loan is that South Carolina residents can apply even if they’re attending school in another state and it is open to both residents and non-residents of South Carolina.

The origination fee is as little as one percent, there’s no application fee, and a single monthly statement for all SCL student loans. You can borrow a minimum of $2,000 and the maximum is the cost of your attendance minus other financial aid. PAL’s total indebtedness is capped at $100,000.

Pal Benefits

  • Rates start as low as 3.88%** with no application or origination fees.
  • Fixed and variable interest rate options are available.
  • You may borrow in your name or your parent may borrow for you.
  • Student borrowers have a six-month grace period before starting full repayment.
  • Our local advisors offer personalized guidance so you can make the best borrowing decision.
  • Lower your interest rate evens more by signing up for an automatic bank draft and receives a .25% interest rate reduction.

Eligibility

  • Be a student or the natural or adoptive parent of a student;
  • Attained the age of majority in your state of residence at the time of loan application;
  • The student must be enrolled on at least a half-time basis in a certificate or degree-granting program at a public or not-for-profit college or university located within the U.S. that is deemed eligible by the U.S. Department of Education for participation in the Title IV, HEA programs;
  • Be a SC resident attending an eligible school in the U.S., or an out-of-state resident attending an eligible SC school;
  • Maintain satisfactory academic progress as defined by the institution for other financial aid programs;
  • Not be incarcerated;
  • Be creditworthy;
    Parent borrowers must be employed (may be retired or disabled);
  • Be in good standing on other educational loans; and
  • Be a U.S. citizen, national or permanent resident of the U.S.

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.

Is a cosigner needed?

A creditworthy cosigner is not necessary but may help you be suitable and/or receive a lower interest rate.

You may not act as your own cosigner. A cosigner must be a U.S. citizen, national or permanent resident, have reached the age of majority in his/her state of residence at the time of loan application, and must be employed or retired to qualify.

The South Carolina Teachers Loan Program

The second in our list is The South Carolina Teachers Loan Programs and believe me when is ay it is as good as the first one, such a little difference. It was instituted by the state in order to aid competent students become teachers. The funding is limited and subject to change, so it’s suggested that applicants apply early.

It was primarily designed to attract skilled students to become teachers. Graduates who have made up their mind to teach in South Carolina in a subject area or a town or city with a critical teacher shortage can qualify for loan forgiveness. South Carolina residents can apply and they must meet GPA requirements. The priority filing deadline

Requirements & Eligibility 

  • You must be a citizen or permanent resident of the United States.
  • You must be a resident of South Carolina.
  • You must be enrolled in and making satisfactory academic progress at an approved institution on at least a half-time basis.
  • You must be enrolled in a program of teacher education or have expressed an intent to enroll in such a program.
  • Entering freshmen must have been ranked in the top 40% of their high school graduating class and have an SAT or ACT score equal to or greater than the South Carolina average for the year of high school graduation. Currently, the average scores are SAT (ERW and Math) 1058, ACT 18.
  • Enrolled undergraduate students, including enrolled freshmen (2nd term of freshman year), must have a cumulative grade point average of at least 2.75 on a 4.0 scale and must have taken and passed the Praxis Core (Praxis I prior to 07/01/14). Students with a SAT taken on or after 03/05/16, earning a total score of 1100 or greater (1650 for 3-part exams taken 03/01/05 – 03/04/16) or an ACT score of 22 or greater are exempt from the Praxis requirement. Other Praxis exemptions may apply, check with your College’s Education Department.
  • Entering graduate students must have at least a 2.75-grade point average on a 4.0 scale.
  • Graduate students who have completed at least one term must have a grade point average of 3.5 or better on a 4.0 scale.
  • If previously certified to teach, you must be seeking initial certification in a different critical subject area currently listed

Maximum loan amounts 

Freshmen and sophomores may borrow up to $2,500 for each year with the SC Teachers Loan.  Juniors, seniors, and graduate students may borrow up to $5,000 per year.  The total maximum is $20,000 for undergraduate and graduate students.

Career changers may borrow up to $15,000 for each year and up to an aggregate maximum of $60,000.

Interest Rate 

If perhaps you do not teach, reimbursement will begin six months after you graduate or stop to be registered at least half-time.  Effective for loans disbursed on or after July 1, 2013, the interest rate shall equal the Direct Stafford Loan interest rate charged for unsubsidized loans to undergraduate students plus 2%, not to exceed 8.25%

The South Carolina Career Changers Loan

If perhaps you’re professionals in South Carolina and you want to be taught, you can apply for the South Carolina Career Changers Loan. This program was made to help professionals in South Carolina become teachers.

So if you’re interested there are few criteria to meet, one of which is you must have a bachelor’s degree for at least three years prior to applying or be working as teaching assistants at a public school in South Carolina.

There are requirements for work experience, too. Work experience requirements also apply. This loan is also eligible for loan forgiveness. The priority deadline to file is April 30.

Requirements & Eligibility

  • You must be a citizen or permanent resident of the United States.
  • You must be a resident of South Carolina.
  • You must be enrolled in and making satisfactory academic progress at an approved institution on at least a half-time basis.
  • You must be enrolled in a program of teacher education or have expressed an intent to enroll in such a program.
  • Entering freshmen must have been ranked in the top 40% of their high school graduating class and have an SAT or ACT score equal to or greater than the South Carolina average for the year of high school graduation. Currently, the average scores are: SAT (ERW and Math) 1058, ACT 18.
  • Enrolled undergraduate students, including enrolled freshmen (2nd term of freshman year), must have a cumulative grade point average of at least 2.75 on a 4.0 scale and must have taken and passed the Praxis Core (Praxis I prior to 07/01/14). Students with a SAT taken on or after 03/05/16, earning a total score of 1100 or greater (1650 for 3-part exams taken 03/01/05 – 03/04/16) or an ACT score of 22 or greater are exempt from the Praxis requirement. Other Praxis exemptions may apply, check with your College’s Education Department.
  • Entering graduate students must have at least a 2.75 grade point average on a 4.0 scale.
  • Graduate students who have completed at least one term must have a grade point average of 3.5 or better on a 4.0 scale.
  • If previously certified to teach, you must be seeking initial certification in a different critical subject area currently listed

Maximum loan amounts 

Freshmen and sophomores may borrow up to $2,500 per year with the SC Teachers Loan.  Juniors, seniors, and graduate students may borrow up to $5,000 per year.  The aggregate maximum is $20,000 for undergraduate and graduate students.
Career changers may borrow up to $15,000 per year and up to an aggregate maximum of

Interest rate 

For people who are not teachers, repayment will begin six months after you graduate or stop  to be enrolled at least half-time.  Effective for loans disbursed on or after July 1, 2013, the interest rate shall equal the Direct Stafford Loan interest rate charged for unsubsidized loans to undergraduate students plus 2%, not to exceed 8.25%

CSN Team

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