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South carolina student loan corporationSouth Carolina is one of the few states that have a big corporation providing the agreement of all kinds of student loans. South California Student Loan Corporation (SCSLC) is the statewide lender in South Carolina. It is also the only lender in South Carolina that does not charge a loan start fee or a loan guarantee fee. There are many benefits to be incurred by getting your loan through the South Carolina Student Loan Corporation. For instance, they have eliminated all charges on Federal Stafford loans and the Corporation's supplemental loans, Palmetto Assistance Loans.
On Federal PLUS loans, Federal law needs the Corporation to charge a 3% loan origination charge, which, in spite of doing, will be credited back to your account. In addition, new PLUS loans approved through SCSLC will be interest-free for the first year of the loan carried out by a one-time credit to your account. There is also a 1% reduction on the interest rate for new Consolidation Loans in the first year of the loan.
Features:
Also borrowers that receive a Federal Stafford, PLUS or Consolidation loan from the South Carolina Student Loan Corporation who graduate from college and pay off their payments promptly may have a part of their debt cancelled. The payment will be $250.00 for an Undergraduates Degree, $500.00 for a Graduate's Degree and $750.00 for a Professional Degree. Two additional benefits involved in whole programs at the South Carolina Student Loan Corporation are Quarterback and Best Interest. Quarterback reduces your interest rate by 0.25% if you sign up for paying off your loan by regular bank draft. Best Interest saves you up to 2% on your interest rate during settlement. Following 48 successive monthly payments on time, your interest rate will be reduced by 2% on Federal Stafford and PLUS loans. Federal Consolidation loans are qualified for a 1% interest rate reduction after 48 consecutive on-time monthly payments.
South Carolina Student Loan Corporation assists the students, parents, and schools of South Carolina by offering comprehensive loan programs in a professional and friendly manner. Their major goals are:
• To provide financial aid to anyone who wants help in continuing their post-secondary education; and
• To offer the premier quality service to those individuals who borrow through SCSLC loan programs.
Repayment Options:
Longer repayment periods are the way to lowering your monthly payments. Your new loan will be prearranged with the longest repayment period allowed by law. Your period will be 10, 12, 15, 20, 25, or 30 years in length. The overall indebtedness of all your education loans will be used to decide the repayment period for your new loan. There are four payment plans to decide from - the Standard Payment, the Graduated Payment, the Income-Sensitive Payment and the Extended Payment.
• The Standard Payment Plan offers for equal monthly payments throughout the entire life of the loan, every payment including a portion of both interest and principal. This option is always least expensive as it results in the lowest total interest charges in excess of the life of the loan.
• The Graduated Payment Plan grants for a 5% increase in your payments about every 36 months. This plan offers for the greatest relief from the 'cash crunch' of making some loan payments early in your career.
• The Income-Sensitive Payment Plan provides for income-sensitive repayment amounts rewarded over a fixed period, not to go over 10 years.
• The Extended Payment Plan provides for a repayment period of up to 25 years for loans made on. To be eligible you should have a loan balance of at least $30,000.
Why You Need SCSLC
Quarterbacksm is a program that lowers your interest rate and saves yourself some time! Sign up to have your monthly payments automatically drafted from your bank account, and receive a .25% interest rate reduction.
HalfBacksm is a program, which brings down your interest rate by .5% for consolidation loans in repayment. Just sign up for automatic bank draft and each month that your payment is drafted you will obtain a .5% interest rate reduction.
BestInterestsm is a program that reduces your interest rate by 1% on your Consolidation loan in repayment. Just the once
you have made 36 consecutive, prompt monthly payments on a Federal Consolidation loan made on, you are qualified.
Graduation Incentive is unique to SC Student Loan. For loans made on, you can obtain a balance reduction up to $750.00; based on the degree, you earn. Just send us a copy of your degree and make your payments on time.
+5 Plan PLUS borrowers can be paid up to a 5% credit! For all PLUS loan disbursed obtain a 1% credit instantly upon your entering repayment. You will be given a further 1% credit for each year your account maintains a status for the next four years. Add it all up; you could obtain a credit of up to 5% on your PLUS loan!
One% Rate Reduction First Year on Consolidation Loans lower your interest rate on your Consolidation Loan by 1%! SCSLC will decrease the interest rate on your new Consolidation Loan by 1% for the first year of your loan, achieved by a one-time credit to your account. Combine these benefits, and SC Student Loan will save you over $3,250.00 on a $20,000 loan and decrease your repayment period by 20 months on a Standard Repayment Plan! SC Student Loan sets aside the right to modify, suspend or terminate borrower benefits whenever you like. Some limitations and/or terms may apply. For loans prepaid through consolidation with another lender, any credits or rebates given by SC Student Loan will be lifted and added to the prime balance due.
How will my loans be consolidated
Upon receipt of your application, SC Student Loan will speak to the creditors you suggested as holding your eligible loans marked for consolidation. They will inquire them to report the exact unpaid balances and the payoff amounts using a projected payoff date that they supply. Once agreed, they pay these loans in full and make the new loan for the full amount of those paid off balances. They will then issue you a Repayment Schedule and Disclosure Statement containing the new loan information for example, the interest rate, the payment amount and due date, and the number of payments you will make on your new Federal Consolidation loan. Your first payment will be due within 60 days after the loan has been approved.
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