Admissions > Financial Aid > Loans for Students and Parents

Loans for Students and Parents

Loans for Students and Parents

Loans help cover your cost to attend SMC.

Loans are borrowed funds which must be repaid, with interest. Most loans allow you to wait until after you graduate to begin making payments (deferment).

Direct Student Loans

Direct Student Loans are low-interest loans for students to help pay for the cost of education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

How to apply for a Direct Student Loan:

  1. Complete the FAFSA.
  2. Complete Direct Loan Entrance Counseling.
  3. Electronically sign a Master Promissory Note.
  4. Request an adjustment to their Loan by emailing their financial aid counselor.

Maintain Your Direct Student Loan Debt:

  1. Review your student loan debt at studentaid.gov. All Title IV loans received by students and/or parents are reported to the National Student Loan Data System (NSLDS). The information is accessible by guaranty agencies, lenders and institutions determined to be authorized users of the data system.
  2. Update your address and phone number with your Student Loan Servicer and SMC.
  3. If you are experiencing problems repaying your loans, contact your Student Loan Servicer or SMC.
Inceptia logo

At Spartanburg Methodist College, we understand that student loans can be intimidating. That’s why we have partnered with Inceptia, a division of the National Student Loan Program, to provide you with free assistance on your student loan obligations to ensure you feel comfortable and can be successful in your loan repayment.

Inceptia may be calling to help you with next steps in your repayment journey. Their friendly counselors are there to help you every step of the way. While you are in your grace period, they might reach out to you to answer questions you may have on your repayment options. If you become delinquent on your loans, they may also contact you to help find a solution that works within your means. The

Inceptia counselors are there to help you with every step by staying in touch with you via phone calls, letters, and/or emails. They will not be collecting money from you. Inceptia’s nonprofit purpose is to help you find answers to your questions and solutions to your issues. We encourage you to visit Inceptia’s Student Loan Knowledge HQ website at HeroKnowl.org.

Direct Parent PLUS Loans

Direct Parent PLUS  Loans are unsubsidized loans for the parents of dependent students to help pay for education expenses up to the cost of attendance minus all other financial aid assistance. Financial need is not an eligibility requirement. However, the borrower must not have an adverse credit history. Like direct student loans, the lender is the U.S. Department of Education rather than a bank or other financial institution.

Apply for a Direct Parent PLUS Loan

  1. The student must complete the FAFSA.
  2. The parent must Apply for a PLUS Loan.
  3. The parent must electronically sign a Master Promissory Note.
  4. If a parent obtains an endorser or submits an appeal, the parent borrower must complete PLUS Loan Entrance Counseling.
  5. All parent loan borrowers must complete the SMC Parent Loan Request Form that will be added to the Student Portal after SMC receives the loan approval from the Department of Education.
  6. The student may request an adjustment to the Parent PLUS Loan by emailing their financial aid counselor.

Inquiries should be directed to finaid@smcsc.edu.

Private Loans

Private Loans are often used to supplement federal student loans, when federal loans are not sufficient to cover the full cost of education.  However, Private Loans are generally more expensive to repay.  Before pursuing a private loan please check with your Financial Aid Counselor to determine if you have exhausted all other Financial Aid funding options.  Be aware that private loan proceeds along with your total financial resources cannot exceed your cost of attendance, as determined by SMC.  Requesting a private loan and choosing a lender is completely determined by the student.  The SMC Financial Aid Office will not assist with the choice of a lender.

Visit ELM Select to compare private loan options.

Parent PLUS Direct Loans

Parent PLUS Direct Loans are unsubsidized loans for the parents of dependent students to help pay for education expenses up to the cost of attendance minus all other financial aid assistance. Financial need is not an eligibility requirement. However, the borrower must not have an adverse credit history. Like direct student loans, the lender is the U.S. Department of Education rather than a bank or other financial institution.

Apply for a Direct Parent PLUS Loan

  1. The student must complete the FAFSA.
  2. The parent must Apply for a PLUS Loan.
  3. The parent must electronically sign a Master Promissory Note.
  4. If a parent obtains an endorser or submits an appeal, the parent borrower must complete PLUS Loan Entrance Counseling.
  5. The student may request an adjustment to the Parent PLUS Loan by emailing their financial aid counselor.

Inquiries should be directed to finaid@smcsc.edu.

Private Loans

Private Loans are often used to supplement federal student loans, when federal loans are not sufficient to cover the full cost of education.  However, Private Loans are generally more expensive to repayment.  Before pursuing a private loan, please check with your Financial Aid Counselor to determine if you have exhausted all other Financial Aid funding options.  Be aware that private loan proceeds along with your total financial resources cannot exceed your cost of attendance, as determined by SMC.  Requesting a private loan and choosing a lender is completely determined by the student.  The SMC Financial Aid Office will not assist with the choice of a lender.

Visit ELM Select to compare private loan options.

See Also