The South Carolina Commission on Higher Education does not offer any state-based loans. And you will see few mentions of any type of college loan on their site.
This was not always the case.
South Carolina has a quasi-official alternative loan program: Palmetto Assistance Loans (but this was not a program offered by the South Carolina Commission on Higher Education).
The state's nonprofit former federal loan guarantor, the South Carolina Student Loan Corporation provides the loans.
(All Palmetto loan programs were suspended for a time in 2008. But they have resumed.)
The Palmetto Assistance Loan
This is a fixed rate loan at an interest rate of 7.15%, as long as you start making interest payments right away, while you are in school. If you choose to defer payments until after you leave school, the fixed rate will be 9.15% -and you still need to make a $25 per month "good faith" payment.
A cosigner is required for students under 24 and for any borrower without a good credit score.
The least amount you can borrow is $2,000, and the most is up to your cost of attendance (as figured by your school, of course). The lifetime cap is $100,000.
Repayment starts 60 days after you drop below half-time enrollment. (Most college loans have a six month grace period.) It's a ten year term for under $17,500, and fifteen years for over $17,500.
The South Carolina Student Loan Corporation also offers a teacher loan forgiveness program for three types of applicants:
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
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
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
These loans are forgiven at the rate of 20% or $3,000 per year (whichever is greater) for each year the borrower teaches in a critical needs area of South Carolina. Under the PACE Program, loans are forgiven if the borrower teaches during the same year the loan is taken out.
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 no longer provides links to this lender (or any lender). If you have a tuition gap after you've applied for grants, scholarships and government loans, you can compare private lenders using the form at the top, right. Credit union lenders who offer college loans should also be considered.
The South Carolina Commission on Higher Education used to oversee the Federal Family Education Loan Program (FFELP) loans. But this program has ended. All federal student loans now come from the Direct federal student loan program, without any state oversight.
College Grants and Scholarships (administered by South Carolina Commission on Higher Education)
LIFE Scholarship
merit-based- requires 2 of the following:
3.0 GPA
top 30% of your graduating class
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:
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
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
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
The South Carolina Commission on Higher Education oversees more merit-based aid than most states offer. With the recession continuing, the balance may have to shift towards more need-based funding.
The South Carolina Commission on Higher Education oversees more merit-based aid than most states offer. With the recession continuing, the balance may have to shift towards more need-based funding.
