Loans

All Federal Family Education Loan Programs (FFELP) are available through our preferred lender, South Carolina Student Loan Corporation (www.scstudentloan.org) or other lenders participating in student loan programs.

Federal loan borrowers must complete the Free Application for Federal Student Aid on an annual basis. All first-time borrowers of Federal Stafford and Federal Perkins loans must complete Entrance Counseling and a Master Promissory Note (MPN).

1. Federal Perkins Loan

a) Five percent interest rate.

b) Based on financial need.

c) Awarded on first-come, first served basis.

d) Annual loan limit of $4000.

e) Repayment begins nine months after graduation or less than half-time enrollment at the school

f) Certain jobs may qualify for deferment or cancellation benefits.

2. Federal Stafford Loan

a) Fixed interest rate of 6.8 percent.

b) Need and non-need based components.

c) Maximum loan amounts:

1. $3500 Freshman year
2. $4500 Sophomore year
3. $5500 Junior year
4. $5500 Senior year

d) Repayment begins six months after graduation or less than half-time enrollment at the school.

3. Federal Parent Loan for Undergraduate Students (PLUS)

a) Fixed interest rate of 8.5 percent.

b) Loan amounts up to the cost of attendance minus financial aid.

c) Credit worthiness loan for parents.  

Mapping Your Future:
www.mapping-your-future.org
(Student loan entrance and exit counseling)

S.C. Commission on Higher Education: www.che.sc.gov

S.C. Tuition Grants Commission: www.sctuitiongrants.com

S.C. Student Loan Corporation: www.scstudentloan.org

United Methodist Higher Education Foundation
www.umhef.org

United Methodist General Board of Higher Education and Ministry: www.gbhem.org

FAFSA on the Web: www.fafsa.ed.gov

To request a PIN: www.pin.ed.gov

Department of Education General Information:
www.studentaid.ed.gov

Department of Education Ombudsman: www.ombudsman.ed.gov

The Smart Student Guide to FA: www.finaid.org

S.C. Financial Aid Information: www.sccollegeaid.org