With over 70 clubs and organizations active on PC's campus, one thing you will never be is bored.

Federal Loans

Federal Stafford Loan
The Federal Stafford Loan is a low-interest loan available from the federal government in two versions, subsidized or unsubsidized. The subsidized loan is based on financial need. If you qualify for this version, the federal government pays the interest on your loan while you're in school.

The unsubsidized version is not based on financial need, and you'll be charged interest on the loan as soon as the funds are disbursed. (You may defer payment on the interest until you've finished school, but the interest will be capitalized -- that is, it will be added to the amount you owe.)

Both versions require that repayment begin six months after you graduate or terminate your studies. The loan has a fixed interest rate (which is currently 6%), and maximum annual loan amounts for 2008-2009 are:

First year: $3,500
Sophomore: $4,500
Junior: $5,500
Senior: $5,500

Federal PLUS Loan
For families who want a low-interest loan but have no demonstrated financial need, there is the Federal PLUS (Parent Loans for Undergraduate Students). Unlike the Federal Perkins Loan, it does not require submission of the FAFSA or evidence of demonstrated need in order to qualify. The interest rate is variable but has a cap set by the government. Repayment of this loan commences 30-60 days from the date of the second disbursement.

For complete information on all of these loans, click here.

Private Alternative Loan Programs

Presbyterian College participates in a number of other private  loan programs. In general, these programs allow for extended repayment terms. Alternative lenders are free to set their own repayment terms, interest rates, guarantee fees, etc. It is wise to compare several lenders to discover which ones are best suited to you. Alternative lenders often have fee and interest rate structures that are competitive with the federal loan programs.

Unlike the federal PLUS Loan program, one of the primary advantages of alternative loans is the ability to defer repayment of principal (and sometimes interest) while the student is enrolled in school. This allows parents greater flexibility to shape their borrowing program to more fully conform to their current financial situation. Another possibility is to combine a deferred payment alternative loan with a federally subsidized Stafford Loan and PC’s monthly payment plan. This results in paying part of the costs while the student is enrolled (and saving on interest) with the remainder being paid by both student and parent in monthly installments after the student is no longer enrolled, thus spreading the costs more evenly over several years.

Students and parents interested in alternative loan plans may contact the Office of Financial Aid for additional information and suggested lenders.

South Carolina Teacher’s Loan Program

The South Carolina Teacher Loan Program was established by the State of South Carolina through the Education Improvement Act of 1984 to entice talented and qualified students into the teaching profession. This loan is cancelled by teaching in South Carolina public schools in an area of critical need. To download and print the Application and Promissory Note form, go to the SC Teachers/Career Changers Loan Application and Promissory Note Download page. Select each of the options below to learn more about the Teacher Loan.

• Critical Geographic Schools - If you taught in one of these schools during a particular school year you may be eligible for cancellation.
• Critical Subject Areas - If you received a loan to teach one of these subjects you may be eligible for cancellation.