Borrower Benefits
In today’s confusing headlines of rising costs and changing financial aid regulations, it’s good to know we are here to serve your best interest! We are a trusted, state-based source for your college funds – and we make the process easy! Because we are not-for-profit, we can give you exceptional borrower benefits and uncompromised service.
Absolutely No Fees
We have eliminated all application, origination and federal default fees by paying these fees on your behalf. On Federal Graduate and Parent PLUS loans, federal law requires us to charge a 3% loan origination fee. The good news is that we automatically credit this amount back to your account. Private loans can also require a repayment fee, but we never charge you this fee.
We’re Here for You
And your loans stay right here, too! We never sell our loans to a third party, so you know you can always reach us to ask questions, make changes or get any other help you might need.
Graduation Incentive Program - How it pays to get a degree
Earn your degree and you could have the final portion of your loan forgiven! If you received a Stafford, Parent PLUS, Graduate PLUS or Federal Consolidation loan from us and make your payments on time, the final portion of your debt will be forgiven based upon the degree you've earned! That’s $250 for an Associate's Degree; $500 for a Bachelor's Degree; and $750 for a Graduate or Professional Degree. The graduation incentive program applies to loans received on or after May 1, 2000.
QuarterBacksm – Another way to lower rates and save time
Sign up to have your monthly payments automatically drafted from your bank account, and receive a .25% interest rate reduction. Sign up for Automatic Bank Draft.
BestInterestsm – Paying on time, every time, is always in your best interest
Lower your interest rate on your Stafford Loan by 2%! Make 36 consecutive, on-time monthly payments and receive a 2% interest rate reduction for a Stafford Loan. This applies only to Stafford loans approved on or after June 1, 2006 through April 30, 2008.
- Borrowers who consolidated between June 1, 2006 and February 29, 2008, are eligible for 1% interest rate reduction after making the first 36 on-time monthly payments.
- For Stafford and/or Consolidation loans completed June 1, 1999 through May 31, 2006, borrowers who make the first 48 on-time monthly payments or the equivalent of 48 monthly payments will be eligible for an interest rate reduction of 2% on non-consolidated loans and 1% on consolidated loans.
- From June 1, 1999 until July 1, 2005, Parent PLUS borrowers could also receive BestInterestsm rate reductions.
- A borrower cannot regain BestInterestsm eligibility after it has been lost.
- BestInterestsm does not apply to non-federally guaranteed loans.
+5 Plansm – Another plus for PLUS loans
Federal Graduate and Parent PLUS borrowers could earn up to a 5% credit for any PLUS application received prior to May 1, 2008! We’ll award a 1% credit immediately upon your entering repayment. You will receive an additional 1% credit for every year your account maintains a current status, up to four more years. Add it up and you could receive a credit of up to 5% on your PLUS loan.
South Carolina Student Loan reserves the right to alter, suspend or terminate benefits at any time. Some restrictions and/or conditions may apply to benefit programs. For PLUS loans prepaid through consolidation with another lender, any credits or rebates given by SC Student Loan will be revoked and added to the principal balance owed.
