Applying for Federal Student and/or Parent Direct Loans
Students must complete the FAFSA before applying for Federal Direct loans. Erskine’s TitleIV code is 003432.
Loans made on or after July 1, 2019 and before July 1, 2020:
Undergraduate Stafford Loan Interest Rate
- Unsubsidized Direct 4.29%
- Subsidized Direct 4.29%
- PLUS Direct Loan Interest Rate 6.84%
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 firstname.lastname@example.org.
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 Teachers Loan Application.
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 986, ACT 19.6). The student 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 8.25% adjusted annually.
Priority deadline for applying is June 1.
For an SC Teachers Loan application go to:
SC Student Loan Corporation: 1-803-798-0916 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.
For applications and information on private loans visit https://www.elmselect.com/v4/school/883/program/1/program-detail.