Applying for Federal Student and/or Parent Direct Loans –
Students must complete the F.A.F.S.A before applying for Federal Direct loans. Erskine’s TitleIV code is 003432.
Loans made on or after July 1, 2014 and before July 1, 2015
Undergraduate Stafford Loan Interest Rate
Unsubsidized Direct 4.66%
Subsidized Direct 4.66%
PLUS Direct Loan Interest Rate 7.21%
Step 1: Click on the green “Sign In” button
Step 2: Enter student’s information if applying for student loan or enter parent’s information if applying for PLUS loan
Please note: PIN is the same PIN you used to sign the FAFSA
Step 3: Complete Entrance Counseling* (www.studentloans.gov)
Step 4: Complete Master Promissory Note* (www.studentloans.gov)
*Steps 3 and 4 must be completed and submitted before the loan can be processed by the Erskine College Financial Aid Office.
Students please note: Apply for the Federal Direct Subsidized\Unsubsidized Loan after July 1.
Parents please note: Apply for the Federal Direct Undergraduate PLUS Loan after July 1. Erskine College PLUS loan applications submitted prior to July 1, will not be accepted by the Department of Education.
If you have questions, contact Michelle Lodato at Lodato@erskine.edu.
Federal Perkins Loan
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.
South Carolina Teachers Loan
Freshmen up to $2,500
Sophomores up to $2,500
Juniors up to $5,000
Seniors up to $5,000
Click here to download the 2015 Teachers Loan Application.
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.
For a SC Teachers Loan application go to:
SC Student Loan Corporation: 1-803-798-0916 or www.scstudentloan.org/
Exit Counseling is required when you graduate, leave school, or drop below half-time enrollmentThe minimum hours or credit hours you need to be enrolled to be eligible for a federal student loan. For information on half-time enrollment at your school contact your school’s financial aid office. . Exit counseling provides important information you need to prepare to repay your federal student loan(s).
You’ll need to provide the name, address, e-mail address, and telephone number for your closest living relative, two references who live in the U.S., and current or expected employer (if known). (www.studentloans.gov)