South Carolina Student Loan Programs
Finance Your Education the Right Way
College-bound students in South Carolina are most likely introduced to the South Carolina Student Loan Corporation early on in their college planning. The SCSLC provides a multi-level service that features basic information and resources, as well as state of the art student loan products, and account management capabilities. If you are shopping for South Carolina alternative loans, you should explore the low-cost options through SCSLC.
Managing the Federal Family Education Loan Program (FFELP) is the responsibility of many state-sanctioned student loan agencies like the South Carolina Student Loan Corporation. Almost every college student utilizes the federal programs such as the Stafford and Perkins Loans. Applicants can apply for these loans right on the SCSLC website and continue managing accounts all the way through loan repayment; a relationship that may last up to 15 years.
SCSLC Alternative Loans
One of the primary reasons students seek the assistance of a state recognized agency like SCSLC is for the low-interest, long term alternative loans that can effectively eliminate the need to borrow from a high-end lender like a private bank. Commercial banks are all too eager to sell borrowers their latest version of an alternative student loan, but most come bundled with higher interest rates and a higher degree of difficulty when it comes to credit approval.
The Palmetto Loans
The Palmetto Assistance Loan (PAL) is one of the most attractive student loan program among state-backed student loans.
- PAL is available to eligible students and even parents and comes with no fees attached. Only graduate students and parents may apply without a co-borrower. Students applying on their own merit must submit to a credit check and be able to prove a source of income. Applying with a co-borrower is completely kosher and a situation in which, according to many financial experts, over half of all college students find themselves.
- The Palmetto Assistance R&R loan program is designed to offer supplemental financial aid to medical and dental students, especially those who must be engaged in a residency program. SCSLC recognizes the fact that medical school itself can be financially challenging and the addition of travel expenses and “relocation” for a residency an even bigger burden. It is expenses like these that prompted the creation of the Palmetto Assistance R&R program.
- The Palmetto Law PREP is designed for law students that need money while studying for their Bar Exam.
Applying for Student Loans with a Co-Borrower
If you are among that half of the student population that requires a co-signer, or an undergraduate required to have a co-borrower for this loan, make sure both of you understand the terms of the loan. SCSLC makes it easy and convenient to apply online and receive a quick turnaround on approval.
Repaying PAL Loans
Many alternative loans require borrowers to begin paying on the interest as soon as the loan is disbursed to the college or university. PAL borrowers are not required to make payments until after graduation or at such a point as they fail to be enrolled at least half-time in a college degree program. Students borrowing on the basic PAL have a six-month grace period in which to get situated in a job and earning an income before payments kick in.
Med students who have taken out PAL R&R loans will be expected to choose a repayment plan - graduated, standard payments, or a combination of interest-only and standard payments - and are required to start repaying their loans as soon as their residency is complete.
Deferment and Consolidation
When making the monthly payments becomes a hardship you may have to ask for assistance and advice. Defaulting on your student loans can be really bad news for your credit now and in the future. Students that carry multiple private loans might be eligible for the PAL Consolidation Loan, a private product that offers borrowers the opportunity to take control of debt.
