Loans

Beginning July 1, 2012:

End of upfront interest rebate on Federal Direct Stafford and PLUS Loans
Budget Control Act of 2011 Summary: In the past, borrowers received an up-front rebate on loan fees. The new law eliminates the up-front origination fee rebate on all Stafford and PLUS loans. These loans will now be assessed the full 1% fee on Stafford loans and the 4% fee on the Parent PLUS/Graduate PLUS loans, which will be deducted from each loan disbursement.

Stafford Loans:

• Federally guaranteed need-based and non need-based student loans
• Free Application for Federal Student Aid (FAFSA) is required
• Fixed interest rates
• A net origination fee of 1.0% will be charged
• Student must be enrolled at least half time
• For more information on Stafford Loans click here

Perkins Loans:

• Federally guaranteed need-based student loan
• Free Application for Federal Student Aid (FAFSA) is required
• Fixed 5% interest rate
• Limited funds available
• Student must be enrolled at least half time
• For Perkins Loan Teacher Cancellation and more information on Perkins Loans click here

PLUS Loans:

• Federally guaranteed loan borrowed by a parent on behalf of a dependent undergraduate student
• Free Application for Federal Student Aid (FAFSA) is required
• A net origination fee of 4.0% will be charged
• Credit check required for this loan
• Student must be enrolled at least half time
• For more information on PLUS loans click here

South Carolina Teachers Loans:

• South Carolina residents interested in teaching in South Carolina
• Student must be enrolled at least half-time
• For loan forgiveness options and more information on SC Teachers Loan click here

Private Loans:

• MUST be in student's name (Parents may cosign)
• Can only be used to pay for educational expenses, such as tuition and fees, room and board, books and supplies, and transportation
• Options are available for students attending less than half time
• Click here for more information

Grad PLUS Loans:

• Federally guaranteed loan borrowed by a Graduate/Professional student
• Free Application for Federal Student Aid (FAFSA) is required
• A net origination fee of 2.5% will be charged
• Credit check required for this loan
• Student must be enrolled at least half time
• For more information on Grad PLUS loans click here

In order for funds to be available for payment purposes, applications should be submitted by:

• June 1 for the fall semester
• November 1 for the spring semester
• April 1 for summer sessions