Best South Carolina Student Loans for 2023
If you’re a South Carolina student and looking for a student loan, you have many options available, including federal and private student loans. We look at the best South Carolina student loans, federal loans available, and how to qualify.
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With more than 730,000 student loan borrowers living in South Carolina, loan amounts per borrower are higher than in many other states. The average borrower in South Carolina has $38,414 in debt, more than the 2023 national average of $28,950.
There aren’t many unique South Carolina student loans to help students pay for college. However, there are federal student loans available to students who attend college in South Carolina, as well as private lenders that provide loans for students in all U.S. states.
We look at South Carolina student loans, where to get them, the best lenders for student loans in the U.S., and the federal loans that are available.
South Carolina Student Loan (SCSL)
South Carolina Student Loan (SCSL) is a non-profit lender that provides student loans for students and parents in South Carolina, as well as students attending schools in the state.
Founded in 1973, SCSL offers low-interest student loans and it’s the only non-profit lender in the state that offers private student loans and loans for aspiring teachers. South Carolina Student Loan offers two types of loans: private student loans (also referred to as Palmetto Assistance Loans), and South Carolina loans for teachers.
Their private undergraduate loans start with rates as low as 6.00% APR with no application or origination fees, and they have fixed or variable rate options available. These loans can be used to pay for educational expenses, including tuition, books, room and board, and transportation.
To qualify for a private student loan, students must:
- Be enrolled at least half-time in a certificate or degree program at an approved institution
- Be a South Carolina resident attending an eligible school in the U.S. or an out-of-state resident attending an eligible school in South Carolina
- Be a U.S. citizen, national or permanent resident of the U.S.
- Be in good standing on other educational loans
Loans for Teachers in South Carolina
SCSL offers loans for students interested in the teaching profession as well as those interested in changing careers to become a teacher.
These loans include up to $2,500 per year for freshmen and sophomores, while juniors, seniors, and graduate students can borrow up to $7,500 per year. Career changes can borrow up to a maximum of $60,000.
To be eligible for a teacher loan, you must:
- Be a U.S. citizen or permanent resident
- Be a resident of South Carolina
- Be enrolled in an approved institution
- Be enrolled in a program of teacher education or express interest in enrolling in such a program
- Freshmen must have been ranked in the top 40% of their high school graduating class
- Entering graduate students must have at least a 2.75-grade point average
Private Student Loans in South Carolina
If you’re just looking for private student loan options, we recommend these lenders:
| Lender | Scholaroo rating | Fixed rates starting (APR) | Variable rates starting (APR) |
|---|---|---|---|
College Ave Best overall Visit website | 4.44% | 5.09% | |
Sallie Mae Best for borrowers with cosigners Visit website | 4.50% | 5.99% | |
Earnest Best for borrowers with fair credit Visit website | 4.45% | 5.32% | |
Ascent Best for loans without cosigners Visit website | 4.62% | 5.98% | |
MPOWER Best for international students Visit website | 14.75% | N/A |
College Ave
Best overall
Sallie Mae
Best for borrowers with cosigners
Earnest
Best for borrowers with fair credit
Ascent
Best for loans without cosigners
MPOWER
Best for international students
1. College Ave
2. Sallie Mae
3. Earnest
4. Ascent
5. MPOWER
Federal Student Loans for South Carolina Students
Federal student loans from the U.S. Department of Education are the best place to start your search. There are many benefits to taking out a federal student loan, including:
- Flexible repayment plans: Borrowers can choose from different repayment plans, including income-driven repayment options that can fit their individual needs.
- Lower rates: Federal student loans have lower interest rates, making it easier to plan your budget for repayment.
- Loan forgiveness: Eligible borrowers, typically those working in specific professions and are on an income-driven repayment plan, may qualify to have some of their federal student loan debt forgiven.
To qualify for a federal student loan you need to complete the Free Application for Federal Student Aid (FAFSA). You can do this online and it’s free. The outcome of the application will determine what type of student loan you qualify for.
Types of Federal Student Loans
Direct Subsidized Loans
These are available to undergraduate students with financial need. The government pays the interest on the loan while the student is in school at least half-time, during the grace period, and during deferment.
Direct Unsubsidized Loans
These loans are available to both undergraduate and graduate students, regardless of financial need. Unlike subsidized loans, the student is responsible for paying the interest throughout the life of the loan.
PLUS Loans
These loans are available to graduate or professional students and parents of dependent undergraduate students. They require a credit check, and the borrower is responsible for paying the interest. Grad PLUS loans are for graduate students, while Parent PLUS loans are for parents of undergraduate students.
Direct Consolidation Loans
This program allows borrowers to combine multiple federal student loans into a single loan, making it easier to manage payments. However, consolidation might lead to the loss of certain benefits associated with the original loans.
Student Loan Alternatives in South Carolina
If you’re a South Carolina resident and already have student loans but are looking for alternatives, you can take a look at student loan forgiveness programs.
You can also look at refinancing your student loans and potentially lowering your payments while saving on interest. Check out our guides on student loan refinancing.
Here’s a list of scholarships in South Carolina along with tips on how to win a scholarship, eligibility requirements, and how to apply.
FAQs
What is the average student loan debt in South Carolina?
The average student loan debt in South Carolina is $38,414. South Carolina has more student debt than most of the U.S., ranking ninth overall in the country. Around 60% of South Carolina students graduate with student debt, according to the Institute for College Access & Success.
How to get student loan forgiveness in South Carolina?
There are different student loan forgiveness programs available for South Carolina students, including the Public Interest Law Loan Forgiveness Program, the SC Teachers Loan, and a range of federal student loan forgiveness programs.
What are the best student loans in South Carolina?
In addition to federal student loans, one of the best options for students in South Carolina is South Carolina Student Loan (SCSL). They are a non-profit lender offering loans to students and parents in the state, as well as out-of-state students attending schools in South Carolina.
