South Carolina College Grants and Loans
South Carolina GrantsSC Tuition Grants Program This is a need-based grant to assist South Carolina residents who are attending a participating South Carolina independent college. Students must file a FAFSA by June 30, though it is recommended to submit as early as possible. The average award amount is about $2300, though the financial need of the recipient will determine the actual award.
South Carolina LoansPalmetto Assistance Loan (PAL) This is a private education loan for students and parents of undergrads who are enrolled at least half-time. Borrow up to the cost of attendance minus any financial aid received. The interest rate is variable and equal to the prime rate. Undergrads must have a cosigner. Grad students may also need one depending on their credit rating. More information from your financial aid office.
South Carolina Teachers Loan South Carolina wants to entice teachers into working in depressed geographical areas or teaching critical subjects. Freshmen and sophomores can borrow up to $2500 and upperclassmen can borrow up to $5000 per year. These loans can be forgiven at the rate of 20% per year (or $3000, whichever is greater) spent teaching a critical subject or in a geographically depressed area. Do both and get forgiven at 33% (or $5000, whichever is greater) per year. For more information and requirements, check the S Student Loan website.
Furman University Vina Norwood Patrick Loan Students going on a Furman University sponsored study abroad trip are eligible for this loan. The amount can be for up to $2000 and must be repaid within 12 months. For more info, check the Furman Institutional & Alternative Loans web page.
For more information on South Carolina state grants and loans, please visit the South Carolina College Aid website.