Federal Stafford Loans
Federal Stafford Loans are long term, low interest loans
to help pay expenses related to attending college. Subsidized
Stafford Loans are based on financial need. The federal
government pays the interest on these loans while the student
is in college. Unsubsidized Stafford loans are not based
on financial need. These loans are designed for students
who do not qualify for a subsidized loan and the interest
on these loans are the responsibility of the borrower. The
interest rate is variable and will never exceed 8.25%. To
receive Federal Stafford Loans, students must be enrolled
in college on at least a half-time basis. Students must
complete the Master Promissory Note online through their lender of choice. Repayment begins
six months after a student graduates, ceases to be enrolled
at least half-time or withdraws from college.
Loan Amounts:
Freshmen up to $3,500
Sophomores up to $4,500
Juniors up to $5,500
Seniors up to $5,500
Stafford Loan Entrance Counseling
Stafford Loan Exit Counseling
Federal PLUS Loan (Parent Loan for Undergraduate
Students)
Loan Amounts: Parents may borrow up to
the cost of education minus other financial aid.
Federal PLUS loans are long-term low interest loans available
to parents of dependent students who are enrolled in college
on at least a half-time basis. Eligibility is based on creditworthiness.
The interest rate is variable, not to exceed 9%. Repayment
of the PLUS loan begins 60 days after the first disbursement.
To recieve a Federal Plus Loan, parents must complete and application online through their lender of choice.
Preferred Lender List
Chase Bank - www.chasestudentloans.com
Sallie Mae - www.salliemae.com
S.C. Student Loan - www.scstudentloan.org
Wachovia - www.wachovia.com
This is the Erskine College preferred lender list. If you desire
another lender, you must contact your lender of choice and request
them to send an electronic certification request to Erskine via the
Electronic Loan Management (ELM) System. If you prefer not to use
the electronic loan process you may obtain a paper application from
your lender of choice and submit it to our office. Please note that
it takes longer to process a paper application.
South Carolina Teachers Loan
Loan Amounts:
Freshmen up to $2,500
Sophomores up to $2,500
Juniors up to $5,000
Seniors up to $5,000
Entering freshmen must have been ranked in the top 40%
of their high school graduation class and have a SAT
or ACT score equal to or greater than the S.C. average
for the year of graduation from high school or the most
recent year for which such figures are available (currently
these scores are SAT 986, ACT 19.6). Students must be a
U.S. Citizen, resident of South Carolina, enrolled in good
standing at an accredited institution on at least a half-time
basis, must be enrolled in a program of teacher education,
or have expressed an intent to enroll in such a program.
Enrolled undergraduate students, including enrolled freshmen,
must have taken and passed the EEE/Praxis I Exam and have
a cumulative grade point average of at least 2.75 on a 4.0
scale. Students with an SAT score of 1100 or greater (1650 for exams taken on or after March 1, 2005) or an ACT score of 24 or greater are exempt from the Praxis I requirement.
Cancellation of loan: The loan is cancelled at the
rate of 20% or $3,000, whichever is greater, for each year
of full-time teaching in a critical subject or critical
geographic area within South Carolina. If you teach in both
a critical subject and geographic area simultaneously, your
loan shall be cancelled at the rate of 33 1/3 % or $5,000,
whichever is greater, for each year of full-time teaching.
The subject areas deemed critical at the time you apply
will be honored for cancellation when you begin teaching;
critical geographic areas must be deemed critical at the
time of your employment. If you decide not to teach, the
interest rate shall be the rate on the Federal Stafford
Loan plus 2%. This is a variable rate not to exceed 10.25%
adjusted annually.
Priority deadline for applying is June 1.
Teacher Comparison Chart (XLS - 20KB)
For a SC Teachers Loan application go to:
SC Student Loan Corporation: 1-803-798-0916
or www.scstudentloan.org/
Teacher Loan Forgiveness Information
Federal Perkins Loan
Loan Amounts:
Up to $4,000 per year
The Federal Perkins Loan is a federally subsidized loan
made directly from Erskine College. The government pays
the interest while the student is in college. Priority is
given to undergraduate students with exceptional financial
need. Interest on the loan is 5% with repayment beginning
nine months after the student is no longer enrolled at least
half-time in college.
Private Loans
Loan Amounts: Students may borrow up to the cost of education minus other
financial aid.
Private loans are long-term low interest loans available to students who are
enrolled in college on at least a half-time basis. Eligibility is based on
creditworthiness and do require a co-signer. The interest rate is variable. Repayment of most Private
Loans begins six months after a student graduates, withdraws or drops below
half-time status. Students may apply for a Private Loan through any lender
of their choice. For more information, contact the Financial Aid Office at
864-379-8832.
Preferred Lender Private Loan List
Chase Bank - www.chasestudentloans.com
Private Loan - Chase Select Private Student Loan
Sallie Mae - www.salliemae.com
Private Loan - Signature Student Loan
S.C. Student Loan - www.scstudentloan.org
Private Loan - Palmetto Assistance Loan