How to Apply for South Carolina Student Loans
- The South Carolina Program of Alternative Certification for Educators Loan
Students who are enrolled in the South Carolina Program of Alternative Certification for Educators (PACE) may qualify for a PACE loan. They must have a current teaching certificate from the state of South Carolina and also need to be working as a full-time teacher in a South Carolina public school.
People who are interested in teaching, but haven’t yet completed a teacher education program can apply for PACE by completing a PACE Loan Application. The loan reimburses expenses associated with the PACE program.
The South Carolina Career Changers Loan (Also Eligible for Loan Forgiveness!)
South Carolina professionals who want to be teachers can apply for the South Carolina Career Changers Loan. This program was created to help professionals in South Carolina become teachers. Interested applicants must https://worldpaydayloans.com/payday-loans-or/mcminnville/ 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.
The PAL Consolidation Loan
Consolidating your loans can help you save money by combining your loans into a single one. You can pay off both federal and private loans with the PAL Consolidation Loan available through SCSL. Consolidating with South Carolina Student Loan can get you a rate as low as 3.99% with different repayment term options, and zero fees.
To qualify, you need to be a legal resident of South Carolina or a non-resident carrying loans from South Carolina schools. The application will take your debt-to-income ratio into account as well as your credit score. If you don’t meet the requirements for the program, you need to have a cosigner who does. You can apply through the SCSL website.
You can apply for any of the loan programs offered by SCSL by downloading the forms directly from the website. Once your application is accepted, you’ll need to sign a promissory note, which details the repayment terms. It is a legally binding contract that shows you the interest rate, repayment terms, cancellation, and deferment policies.
SCSL also requires you to attend entrance and exit counseling so you’re completely knowledgeable about what it means to borrow money for your education. Your entrance counseling has to be completed before you get your first loan disbursement, and exit counseling needs to happen before you graduate. The counseling makes sure that you understand all of the terms and conditions related to your loan.
What Schools are Eligible for SCSL?
- Be attending a public or not-for-profit college or university within the U.S. that is considered eligible by the U.S. Department of Education for participation in HEA and Title IV programs
- Be set up to receive disbursements through electronic funds transfer
Schools that aren’t listed on the website need to call the South Carolina Student Loan office at (800) 488-9875 to update their information.
How to Qualify for Loan Forgiveness with South Carolina Student Loans
South Carolina has given SCSL the right to forgive its teaching loans, including the South Carolina Teachers Loan, the South Carolina Career Changers Loan, and the South Carolina PACE Loan. You can receive funding through one or more of these loans each year. In order to become eligible for loan forgiveness, you must:
- Send in a finished application and promissory note
- Be a U.S. citizen or permanent resident residing in South Carolina
- Present plans for your teaching education