Before accepting or applying for any loan, we strongly encourage you to research scholarships, grants, and work-study opportunities first.

If borrowing remains a necessity, consider all factors, such as loan servicing fees, interest rates, and repayment plans, to choose the best option for you. Loans are a form of financial aid that must be paid back within a specific time after a student graduates, leaves college or falls below half-time enrollment.

Federal Direct Student Loan »

The Federal Direct Student Loan is a low-interest, fixed-rate loan available from the federal government in two versions:

  • 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 loan is not based on financial need, and you are charged interest on the loan as soon as the funds are disbursed. You may defer payment on the interest until you have finished school, but the interest will be capitalized–that is, it will be added to the amount you owe. Both versions require that repayment begins six months after graduation or upon the termination of studies.

For more information about Subsidized and Unsubsidized Federal Direct Loans, including current interest rates and loan fees, please go to studentaid.gov.

Federal Direct PLUS Loan »

Parent Plus Loans for parents of Undergraduate students:

Parents who want a low-interest loan can apply for the Federal Direct Parent Plus Loan for Undergraduate students at Apply for a Direct PLUS Loan as a Parent | Federal Student Aid.

Things you should know about the Parent Plus Loan:

  • A credit check is conducted on all Direct PLUS Loan applicants.
  • If you have placed a security freeze on your credit file, you must lift or remove the freeze at each credit bureau before you continue. Your application will not be processed if you have a security freeze on your credit file.
  • To qualify for a Direct PLUS Loan, you must not have an adverse credit history. If the credit check shows that you have an adverse credit history, we will explain how you may still be able to qualify for a Direct PLUS loan.
  • The Direct PLUS Loan MPN explains all of the terms and conditions of Direct PLUS Loans and is your legally binding agreement to repay all Direct PLUS Loans you receive under the Direct PLUS Loan MPN.

 

Graduate Plus Loans for Graduate students:

Graduate students who want a low-interest loan can apply for the Federal Direct Graduate Plus Loan at Apply for a Grad PLUS Loan | Federal Student Aid.

Things you should know about the Graduate Plus Loan:

  • A credit check is conducted on all Direct PLUS Loan applicants.
  • If you have placed a security freeze on your credit file, you must lift or remove the freeze at each credit bureau before you continue. Your application will not be processed if you have a security freeze on your credit file.
  • To qualify for a Direct PLUS Loan, you must not have an adverse credit history. If the credit check shows that you have an adverse credit history, we will explain how you may still be able to qualify for a Direct PLUS loan.
  • The Direct PLUS Loan MPN explains all of the terms and conditions of Direct PLUS Loans and is your legally binding agreement to repay all Direct PLUS Loans you receive under the Direct PLUS Loan MPN.

For current interest rates and loan fees, please go to Grad PLUS loans | Federal Student Aid

Private Alternative Loan Programs

Presbyterian College participates in several private loan programs. These programs generally allow for extended repayment terms. Alternative lenders can 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 and you can find more information about private alternative loans at: https://www.elmselect.com/v4/

South Carolina Teachers Loan Programs »

The South Carolina Teachers Loan Programs were established by the State of South Carolina to help talented and qualified students become teachers. The SC Teachers Loan and Career Changers Loan may be forgiven if the applicant teaches in a South Carolina public school in a critical subject or critical geographic area.