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Financial Aid from the State of South Carolina

The South Carolina Student Loan program is a state-sanctioned comprehensive college planning program that includes direct access to the Federal Family Education Loan Program and a low-cost alternative loan program.

When it comes to planning for college, few American students can pay for college out of their pockets. Most must make use of student loans. With so many contradictory messages, how do you make the wisest decisions about student loans? State-supported agencies and efforts like the SCSL make it the crux of their mission to disseminate accurate information and financial options that make college worthwhile. Here are their programs.

Federal Loans for South Carolina Students

The SCSL is a participating provider in the Federal Family Education Loan Program (FFELP), one of two federal loan programs available to all U.S. college students. The FFELP includes the following loans:

  • Stafford Loans are the single most popular student loan in the country and designed to meet the fiscal needs of just about anyone. Most students qualify for some level of Stafford Loan. This loan requires no credit check, another great feature.
  • Parent PLUS Loans allow parents of undergrads to make wiser financial choices than in years gone by. Traditionally parents would take out second mortgages, borrow on a line of credit, even sell possessions to pay for college bills.
  • Grad PLUS Loans are fairly new and designed to assist grad students that have reached the maximum borrowing limit on their Stafford Loans, but still have grad school bills ahead.

Find out more about the federal student loan programs.

South Carolina’s Alternative Student Loans

Known as the PAL Loans this corps of specialty private loans are provided through the state with the goal of making financial aid more feasible and perhaps less risky for a wide range of SC borrowers. PAL loans include:

  • PAL Education Loan is the generic formula designed for undergrads, grads and parents of dependent students. Loan features include 0 fees, no minimum, borrow with a co-signor if necessary, amenable repayment terms.
  • PAL Residency Loan is a modified medical school private loan—it’s specially designed to cover the costs associated with residency interviews and relocation expenses most grad students just can’t afford.
  • PAL Law Prep Loan offers financial help to Law students studying for their Bar Exam.
  • PAL Consolidation Loan is designed for borrowers with one or more private loans that could benefit from consolidation. Loan replaces other agreements: lowers monthly payments while it extends the repayment period.

    • If you’d like to find out more about the PAL program visit the SCSL website.