Frequently Asked Questions
Have a question? Look here for the answer! If your question is not covered here, please contact us. For general information about SC Student Loan, please visit our About Us page.
Top Five Questions
* Click the Play button to listen to the top five questions and answers below:
How do I start the financial aid process?
When should I apply for a loan?
The Financial Aid Office gave me a list of preferred lenders, but how do I decide which one is best for me?
What is your Federal Lender Code and Federal Guarantor Code?
When do I start repaying my loans?
Other General Questions
What guarantors do you do business with?
As the designated FFELP agency for the state of South Carolina, the South Carolina State Education Assistance Authority (federal guarantor code 745) guarantees loans provided by SC Student Loan (lender code 833128).
How can I retrieve or apply for a FAFSA Pin Number?
You can retrieve or apply for a FAFSA Pin Number at www.pin.ed.gov.
What loan is best for me?
We offer a selection of low-interest student loans to help you achieve your dreams. Learn more about our loan programs.
How much am I eligible to borrow?
Your eligibility is determined by your college’s financial aid office. It is based on your financial need, the amount of other financial aid that you are receiving and your grade level (i.e. freshman, sophomore, etc).
Can I apply for a loan through SC Student Loan without going through my school?
Yes. In most situations, you can initiate an application for our loan programs online. Please keep in mind that your college or university must certify your eligibility for participation in these student loan programs and determine the amount of money that you can borrow. You may want to check with the Financial Aid Office at your school before applying for an education loan.
What is a Master Promissory Note (MPN)?
A promissory note or a Master Promissory Note is a contract to repay a loan. It is set up for a specific period of time. A student may have a parent or cosigner join in the agreement and share in the financial responsibility.
Our MPN process may allow you to receive additional loans, cancel and change loan amounts under the same note, instead of completing a new one. This is called a Serial Loan note. The MPN is signed by the borrower and is valid for 10 years from the date the borrower signs it. You will be notified in writing whenever there is a change to your loan amount.
A borrower may cancel the MPN by sending a written request to the lender requesting the MPN no longer be used. If no loan is given within 12 months from the date the MPN was signed and the MPN expires, the MPN becomes invalid.
Can a student apply for a loan without their parents?
Yes. Parents or legal guardians are only responsible if they cosign for your loan. It is up to the student to pay it back otherwise.
How long will it take for you to process my loan?
After we get your official, completed Master Promissory Note and loan certification from your school, loan funds are approved within 24 to 48 hours.
What can I do if my loan application is denied because of my previous credit history?
You should check the following things:
Is the credit history used by SC Student Loan accurate?
The letter you received provided you with the address of the credit bureau that was used to obtain your credit report. Contact this credit bureau and determine if the information that they provided to SC Student Loan was accurate (you are entitled to a free copy of your credit report). If it was inaccurate, request that the credit bureau repair the damage and alert us when the mistakes have been fixed.
Are you a parent borrower applying for a PLUS Loan and were denied because of your credit?
If yes, the student for whom you are borrowing may be eligible for additional Unsubsidized Stafford Loan assistance because of this denial. Please have the student for which you are borrowing take your denial letter to the financial aid office at their college and advise them of the situation.
What will the interest rate on my new loan be?
View our current interest rates
Can my Parent PLUS Loan be postponed while my child is in enrolled in school?
Yes, your loan will be eligible for forbearance while your child is in school. You will need to contact our office to request the forbearance. You may also be eligible for deferment based upon your loan term dates. Again you will need to contact our office to determine eligibility.
What is the difference between Stafford subsidized and unsubsidized loans?
The Federal government pays the interest on your loan while you are in school, during the grace period and during any periods of deferment if you have a Stafford subsidized loan. If you have a Stafford unsubsidized loan, all the interest that accrues is your responsibility to pay. You have the choice of paying the interest quarterly or allowing the interest to accumulate until you enter repayment.
How do I transfer my Stafford loan from one school to another?
You should update the FAFSA to include the new school you will be attending. Any future disbursements to your previous school should be cancelled. Please contact our office to make this request. You can apply for a Stafford loan at your new school online.
How do I transfer my Parent/Graduate PLUS or PAL loan from one school to another?
Any future disbursements to your previous school should be cancelled. You can complete a new online pre-application for your new school.
For the Graduate PLUS loan, you will need to update the FAFSA to include the new school you will be attending.
