South Carolina Commission on Higher Education

South Carolina Commission on Higher Education

South Carolina used to have a quasi-official alternative loan program: Palmetto Assistance Loans.

These were offered by the state's nonprofit federal loan guarantor, the South Carolina Student Loan Corporation.

But on November 19, 2008 all Palmetto loan programs were suspended.

The South Carolina Student Loan Corporation still offers the Federal Family Education Loan Program (FFELP) loans. They pay all application, origination and federal default fees for federal student loans.

The South Carolina Student Loan Corporation offers a teacher loan forgiveness program for three types of applicants:

1. SC Teachers Loan Program

• for students enrolled in a program of teacher education or have expressed an intent to enroll in such a program, grade requirements range from being in the top 40% of graduating class for freshman --> a semester of at least a 3.5 GPA for returning graduate students
• freshman and sophmores may borrow up to $2,500 per year; juniors,seniors and grad students may borrow up to $5,000 per year- $20,000 maximum
2. SC Career Changers Loan Program

• must have had a BA for at least three years unless you are an instructional assistant in the South Carolina public school system
• may borrow up to $15,000 per year- maximum $60,000
3. SC Program of Alternative Certification for Educators (PACE)

• must be enrolled in the South Carolina Program of Alternative Certification for Educators (PACE) and have received a Educator's Certificate for the current year and must teach full-time in South Carolina
• may borrow up to $1,000 per year- maximum $5,000

If the borrower does not satisfy these requirements, loans are repaid at 8.8% interest (Stafford rate + 2%).

The South Carolina Commission on Higher Education provides links to this lender only.

College Grants and Scholarships (administered by South Carolina Commission on Higher Education)

• merit-based- requires 2 of the following:
1. 3.0 GPA
2. top 30% of your graduating class
3. score at least 1100 (only reading and math used) on the SAT or 24 on the ACT
• may only be received if the Palmetto Fellows Scholarship, SC HOPE Scholarship or Lottery Tuition Assistance is not
• award is up to $5,000 at a 4 year South Carolina college
• may be used as community college grants- award is up to the cost of tuition plus $300 book allowance

Palmetto Fellows Scholarship

• merit-based- requires 1 of the following:
1. score at least 1200 (only reading and math used) on the SAT or 27 on the ACT, and have at least a 3.5 GPA, and rank in the top 6% of class
or
2. score at least 1400 (only reading and math used) on the SAT or 32 on the ACT and have a 4.0 GPA
• award is $6,700 for freshmen and $7,500 for sophmores, juniors and seniors
• award must be applied directly to the cost of attendance

LIFE & Palmetto Fellows Scholarship Enhancements

This is an added award that may be given starting in the sophomore year if 14 credits (combined) have been achieved in math and/or science, and a major in either math or science has been declared.

The award is up to an extra $2,500 per year.

SC HOPE Scholarship

• merit-based- requires a 3.0 GPA, South Carolina residency, and may not be recipients of the Palmetto Fellows Scholarship, LIFE Scholarship or Lottery Tuition Assistance
• one-year scholarship awarded to freshmen attending a 4-year SC school; award is up to $2,800

In addition to these merit-based scholarships, when South Carolina students file their FAFSA,they automatically apply for a free government grant:

The SC Need-based Grant

• for financially needy students up to $2,500 full time; $1,250 part-time
• may be used as community college grants
• must be applied directly to the cost of attendance

FAFSAs also act as free grant applications for the:

The Lottery Tuition Assistance Program

• need-based- awards up to $900 per term for full-time or up to $75 per credit for part-time students
• federal grants, SC Need-based Grant must be awarded before calculating award amount
• may be used as community college grants

Make sure you check your South Carolina FAFSA deadline.

The South Carolina Commission on Higher Education also oversees scholarship programs for graduate students. The Graduate Incentive Scholarship Program is for historically underrepresented minorities in Masters and PHD programs. This scholarship is actually a forgivable loan.

• provides up to $15,000 for full-time Doctoral students; up to $7,500 for full-time students at the Masters level
• recipients are expected to work in North Carolina 1 year for each year of scholarship
• loans will be forgiven at the rate of $5,000 per year or repayment at 8% interest with a minimum of $100.00 per month, maximum of 60 months
• online scholarship applications

1. DOCTORAL SCHOLARS AWARD (Five-Year Package)
• for scholars beginning their Doctoral work
• 5 years of tuition and fees
• an annual stipend of up to $15,000
2. DISSERTATION YEAR AWARD (One-Year Package)
• for scholars who have completed their coursework
• 1 year of tuition and fees
• a 1 year $15,000 stipend and a $500 research allowance