The South Carolina Student Loan Corporation

The South Carolina Student Loans (SCSL) were established pursuant to S.C. Code Ann. 57-14-90 et seq., to provide educational loans for students enrolled at institutions of higher education located in the State of South Carolina. In order to qualify for an SCSL loan, borrowers must meet certain criteria set forth under federal regulations governing student loans. See the Consumer Information page of this website for further information about the requirements for obtaining an SCSL loan.

The South Carolina Student Aid Commission

The South Carolina Student Aid Commission was created by the General Assembly in 1983 in response to a report issued by the Governor’s Task Force on Education Finance. The commission’s function is to administer state financial aid programs and to coordinate those programs within the University System of South Carolina.

FFELP stands for Federal Family Educational Loan Program.

The FFELP program provides loans directly to students who have been admitted to a postsecondary institution based upon their demonstrated need. This program is administered by the Department of Education. Under federal law, private lenders may not make direct loans to students seeking postsecondary education unless they participate in the FFELP program. Participation is voluntary; however, participation by eligible lenders creates the potential for access to public funds.

Private Student Loans

Private student loans are generally provided to individuals with credit histories that do not qualify them for any type of government assistance. Private lending institutions often offer low interest rates, long repayment terms, and flexible payment options. However, like other types of private debt, private loans carry risks as well as rewards, including the risk of default and the possibility of losing future income if the borrower ceases employment or cannot find suitable work.

Direct-Subsidized Stafford Loans

Direct subsidized Stafford loans are federally administered loans intended to help undergraduate students pay for college expenses. To borrow money under the FFELP program, a student must first demonstrate eligibility by entering school prior to October 1st each year and completing the Free Application for Federal Student Aid (FAFSA). Once the FAFSA application is processed, the U.S. Department of Education calculates the amount of a student’s eligibility for grants and/or loans based on family size, assets, and income. Depending on the results of that calculation, a student may receive either a grant or a loan. If a student receives both a grant and a loan, the student must repay the full cost of the loan before receiving any grant funds. Students who do not complete the FAFSA may still receive a loan, but the amount of the loan will not be determined until after October 1st of the following calendar year. A student who does not apply for a loan until after September 30th will not be considered eligible for a loan, even if he or she applies and is accepted.

Direct Unsubsidized Stafford Loans

Students who wish to borrow money without regard to what they owe on their outstanding federal loans should apply for a Direct Unsubsidized loan. Unlike a direct-subsidized loan, whose interest rate is fixed, the interest rate on a direct-unsubsidized loan is determined by the market. As such, the interest rate on these loans is subject to change over time.

PLUS Loans for Parents

Parent PLUS Loans are available to parents of dependent undergraduate students. Parents may obtain PLUS loans only if their own income is below the maximum allowed under the Internal Revenue Service guidelines.

South Carolina Student Loan Corporation (SCSL) is a non-profit organization founded in 1985 that provides student loan consolidation loans. SCSL is headquartered in Columbia, South Carolina, USA.

SCSL offers private education loans to students from across the country who wish to pursue their higher education. Students can borrow to cover tuition, fees, books, supplies, residence hall charges, and more. At present, SCSL offers direct private education loans to undergraduates, graduate students, professional studies students, and special education students.

SCSL consolidates different types of private education loans into one flexible monthly payment plan. Consolidation helps borrowers save money on interest rates and lowers the total amount they have to pay over time.

The interest rate at first disbursement ranges between 9% and 18%, depending on the type of loan. The repayment period can range anywhere between 6 months and 5 years, while the term length can vary anywhere between 2 months and 20 years.

SCSL is currently offering two types of private education loans: direct private education loans and guaranteed private education loans. These loans are backed by federal government agencies, therefore making them eligible for the Federal Family Educational Loan Program (FFELP).

The guaranteed private education loans carry a guarantor guarantee, providing borrowers with additional security and peace of mind. Borrowers get paid back even if the borrower’s school closes down or does not qualify for the FFELP program.

As per its website, SCSL offers several attractive features to encourage borrowers to choose their service. These include:

Borrowers can choose any repayment terms they want, including fixed payments and variable payments.

All borrowers can make their payments without having to pay penalties if they decide to end their participation early.

Low interest rates: Borrowers get low interest rates ranging from 9% to 18%. The lower the interest rate, the more affordable the loan becomes.

No origination fee: No origination fee is charged on these loans.

All borrowers receive a fixed monthly payment regardless of how long it takes them to pay off their loans.

You will need:

Proof of income: If your annual income is less than $100,000, you can submit proof of income along with your tax returns.If you earn more than that, you do not need to provide proof of income.

The South Carolina Student Loan Corporation

CITI (Commercial Investment Company)-A subsidiary of Sallie Mae Inc., located in Charlotte, NC

Sallie Mae: A company headquartered in Washington, DC that specializes in education loans.

CLU (Citigroup) -One of the largest banks in the world with over $2 trillion in assets

NELA (National Education Association): an organization of public school teachers, counselors, and librarians funded by dues and annual membership fees, along with donations and grants.

SCSLAC (Student Loan Acquisition Corp.)-Acquires student loan debt at a discount, then collects payments from borrowers.

BDCU (Bureau of Consumer Financial Protection Unit)(Department of Consumer Finance) -Regulates consumer financial firms with agencies such as the Federal Reserve Bank of New York

FCCU (Federal Credit Union)-Provides affordable banking services to consumers across the United States.

FFA (Future Farmers of America)-A nonprofit national organization dedicated to agriculture education and leadership development.

IHE (International House of Representatives)-An international organization consisting of delegates elected to represent their country’s interests in Congress

UISL (United International Students League)—A non-profit organization that provides educational opportunities for students studying abroad.

CUSA (Council of Undergraduate Schools)-consists of colleges and universities that share an interest in undergraduate education.

USMCA (United States-Mexico-Canada Agreement)-A trade agreement between the three countries signed in 2018

CSAE (College Sports Activities Fee)-A mandatory fee paid directly by college athletes to fund scholarships for low-income student-athletes.

HESC (Higher Education Student Assistance Fund) -Funds higher education programs in the United States

The South Carolina Student Loan Corporation

South Carolina’s student loan debt continues to rise despite state efforts.

A record number of college students finished their degrees last year at $27,000 each — a 15 percent increase compared to 2013-14, according to data released Tuesday by the U.S. Department of Education’s National Center for Education Statistics.

The average amount of debt for a student graduating in 2016 was just over $30,000. That’s up nearly 10 percent from $27,000 five years ago.

Schools fail to prepare graduates for the job market.

In South Carolina, 28 percent of recent high school graduates cannot find jobs requiring less than a bachelor’s degree. That percentage hasn’t changed since 2011, even though South Carolina’s unemployment rate dropped from 5.8 percent to 4.4 percent between 2012 and 2017.

Statewide, high schools graduate half of those eligible.

In 2015-16, 48.9 percent of students in the United States graduated from high school, a 1.2 percentage point increase over the previous four years.In South Carolina, however, 45.7 percent of high school seniors graduated, a two-point increase.

Nationally, high schools graduate fewer low-income and nonwhite students.

More than half of all high school students (54.9%) were white, with only 13.6 percent Hispanic and 11.5 percent black.Just 20.8 percent of students were economically disadvantaged, defined as living below 185 percent of the federal poverty line.

Low graduation rates persist across income groups.

High school graduation rates remained flat among all economic levels, except for those making $25,000–$34,999, who saw a drop of 0.3 percentage points. High school graduation rates have not improved in seven years for students whose families make between $35,000 and $49,000 per year.

Graduates still need to work hard to get a job

Among those who completed high school in 2014, only 16 percent received vocational certificates or diplomas. Only 12.4 percent had two-year degrees and 9.3 percent obtained four-year degrees.

High school completion rates vary markedly by county

►HEY, we’ve got more valuable information here: ►CLICK HERE LOANS FOR STUDENTS◄

►Cloud of related items ▼

►Loans For Students◄

 

bloque1x