Loans - Erskine College

Applying for Federal Student and/or Parent Direct Loans

Students must complete the FAFSA before applying for Federal Direct loans. Erskine’s Title IV code is 003432.

Loans made on or after July 1, 2024 and before July 1, 2025:

Undergraduate Stafford Loan Interest Rate

Direct Subsidized Loans and Direct Unsubsidized Loans (undergraduate): 6.53%
Direct Unsubsidized Loans (graduate or professional): 8.08%
Direct PLUS Loans (parents and graduate or professional students): 9.08%

For more information visit: https://studentaid.gov/understand-aid/types/loans/interest-rates

Step 1: Click here and sign in.

Step 2: Enter the student’s information if applying for a student loan, or enter the parent’s information if applying for a PLUS loan.

Please note: FSA ID is the same FSA ID used to sign into the FAFSA.

Step 3: Complete Entrance Counseling*.

Step 4: Complete Master Promissory Note*.

*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 us at finaidstud@erskine.edu.

Private Loans

For applications and information on private loans visit https://www.elmselect.com/v4/school/883/program/1/program-detail.

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

Click here to find loan applications: https://www.scstudentloan.org/career-pathways/teacher-loans

Entering freshmen must have been ranked in the top 40% of their high school graduation class and have an 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 (2 parts) 1008, ACT 18). The student must be a U.S. Citizen, resident of South Carolina, enrolled and making satisfactory progress at an approved 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 (2nd term of freshman year), must have a cumulative grade point average of at least 2.75 on a 4.0 scale and must have taken and passed the Praxis Core (Praxis I prior to 07/01/14). Students with a SAT taken on or after 03/05/16, earning a total score of 1100 or greater (1650 for 3-part exams taken 03/01/05 – 03/04/16) or an ACT score of 22 or greater are exempt from the Praxis requirement. See: https://www.scstudentloan.org/career-pathways/teacher-loans

Cancellation of loan: The loan is forgiven at the rate of 20% or $3,000, whichever is greater, for each full year of teaching in a South Carolina public school in a critical subject or critical geographic area. If you teach in a public South Carolina school in both a critical subject and a critical geographic area, your loan will be forgiven at the rate of 33 1/3% or $5,000, whichever is greater, for each year of full-time teaching. If you have not been teaching for the full academic year, you must have taught a minimum of 76 days to be considered for forgiveness. Learn more: https://www.scstudentloan.org/career-pathways/teacher-loans

Priority deadline for applying is June 1.

For an SC Teachers Loan application go to:

SC Student Loan Corporation: (800) 347-2752 or www.scstudentloan.org/

Teacher Loan Forgiveness Information

Exit Counseling is required when you graduate, leave school, or drop below half-time enrollment, the 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, email address, and telephone number for your closest living relative, two references who live in the U.S., and current or expected employer (if known). Visit: www.studentloans.gov.