Loans
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Federal Direct Student Loan
These are loans solely in the student’s name and do not require a cosigner. If you have completed a Free Application for Federal Student Aid (FAFSA), you will find these offered to you as part of your financial aid package.
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 and does not accrue interest while the student is enrolled in at least 6 hours. Interest will begin to accrue at the time of graduation or when the student drops below 6 hours. Payment is not required until 6 months after this time.
- The Unsubsidized Loan will accrue interest beginning at the time we disburse the loan to the student’s account. Payments are automatically deferred as long as the student remains enrolled in at least 6 hours. At the time the student drops below 6 hours or graduates, the loan will go into repayment 6 months later.
Loan Type | Borrower Type | Fixed Interest Rate for loans disbursed on or after July 1, 2024, and before July 1, 2025. |
Direct Subsidized or Unsubsidized Loans | Undergraduates Students | 6.533% |
Federal Student Loans also have a maximum amount that can be borrowed, called an aggregate limit. Below are the limits based on the hours earned and total college enrollment.
Year in College | Dependent Students |
First-Year Undergraduate Annual Loan Limit (0-28 earned hours) | $5,500 – no more than $3,500 of this amount may be in subsidized loans. |
Second-Year Undergraduate Annual Loan Limit (29-59 earned hours) | $6,500 – no more than $4,500 of this amount may be in subsidized loans. |
Third-Year and Beyond Undergraduate Annual Loan Limit (60+ earned hours) | $7,500 – no more than $5,500 of this amount may be in subsidized loans. |
Total Subsidized and Unsubsidized Aggregate Loan Limit | $31,000 – no more than $23,000 of this amount may be in subsidized loans. |
First-time Borrowers are required to complete:
- Federal Aid Authorization Form (found on BannerWeb)
- Master Promissory Note
- Entrance Counseling
At the time the student drops below 6 hours or graduates, the student is required to complete Exit Counseling.
Payment Plan Options: Students are automatically entered in the Standard Repayment plan; however, they may change repayment plans once a year.
Federal Direct Parent PLUS Loan
This is a loan solely in the parent’s name. The parent must be a biological, adoptive or step-parent.
Things you should know about the Parent PLUS Loan:
- A FAFSA must be on file.
- A credit check is conducted on all Direct PLUS loan applicants.
- If you have placed a security freeze on your credit, 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.
- If you are approved, you may request up to the full cost of attendance. PC will send an email to the email address listed on the PLUS application to confirm the amount.
- If you are denied, the student is eligible for additional funds in their Unsubsidized loan amount up to the independent aggregate levels listed above.
- The credit check is valid for 180 days.
- Parents must reapply each academic year that you want to utilize this loan.
Loan Type | Borrower Type | Fixed Interest Rate for loans disbursed on or after July 1, 2024, and before July 1, 2025. |
Direct Parent PLUS Loans | Parent of Undergraduates | 9.083% |
The PLUS loan has an origination fee that goes to the servicer. The gross amount that is requested is what you will be required to repay; however, the net amount (less the origination fee) will be posted to the student account.
Loan Type | Borrower Type | Origination fee for loans disbursed on or after July 1, 2024, and before July 1, 2025. |
Direct Parent PLUS Loans | Parent of Undergraduates | 4.228% |
For example, if the parent requests an exact amount of $20,000, then $19,200 will be applied to the students account.
Repayment for the PLUS loan depends on the parent and what you choose during the application process. You will be given three options to choose when to go into repayment:
- 60 days after the loan is disbursed
- At the time your student drops below 6 hours or graduates
- Six months after your student drops below 6 hours or graduates
If you are not sure which option you chose, you may reach out to your servicer to find out or make adjustments to this.
First-time borrowers are required to complete:
Parents who were denied but obtained an Endorser are required to complete:
Federal Graduate PLUS Loans for Graduate Students
The Graduate PLUS Loan is a solely in the student’s name if enrolled in a graduate program at PC. Things you should know about the Grad PLUS Loan:
- A FAFSA must be on file.
- A credit check is conducted on all Direct PLUS loan applicants.
- If you have placed a security freeze on your credit, 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.
- If you are approved, you may request up to the full cost of attendance. PC will send an email to the email address listed on the PLUS application to confirm the amount.
Loan Type | Borrower Type | Fixed Interest Rate for loans disbursed on or after July 1, 2024, and before July 1, 2025. |
Direct Grad PLUS Loans | Graduate students | 9.083% |
The PLUS loan has an origination fee that goes to the servicer. The gross amount that is requested is what you will be required to repay; however, the net amount (less the origination fee) will be posted to the student account.
Loan Type | Borrower Type | Origination fee for loans disbursed on or after July 1, 2024, and before July 1, 2025. |
Direct Grad PLUS Loans | Graduate students | 4.228% |
For example, if the graduate student requests an exact amount of $20,000, then $19,200 will be applied to the students account.
New GRAD PLUS loan Borrowers are required to complete:
- Federal Aid Authorization Form (found on BannerWeb)
- Master Promissory Note
- Entrance Counseling
Private Loans
Private loans are generally in the student’s name and require a credit-worthy cosigner. Private lenders are often very competitive with one another and offer flexibility in choosing variable vs. fixed interest rates, for example. We recommend you compare several lenders to discover which one best suits your needs.
Some private lenders offer parent loans as well.
You’ll need to request an exact amount, so be sure you know how much you owe. You can borrow up to the full cost of attendance.
South Carolina Teachers Loan
Borrowers who receive a SC Teachers Loan may be eligible to have portions of the loan forgiven by teaching in certain critical geographic and/or subject areas in the SC public school system. This forgiveness is available only to certified South Carolina teachers and not to teacher’s aides or teacher assistants and only to recipients of the SC Teachers Loan.
Eligibility Requirements:
- You must be a citizen or permanent resident of the United States
- You must be a South Carolina resident
- You must be enrolled in and making Satisfactory Academic Progress (defined in the Financial Aid Handbook) on at least a half-time (6 hours) basis
- You must be enrolled in the Education Department at PC
Incoming Freshmen must meet the following requirements:
- Rank in the top 40 % of their high school graduating class, and
- Have an SAT or ACT score equal to or greater than the SC average for the year of high school graduation
Currently Enrolled students must meet the following requirements:
- Must have a cumulative GPA of at least a 2.75 at PC, and
- Must have taken and passed the Praxis Core (Please note: students with a SAT of 1100 or greater or an ACT of 22 or greater are exempt from the Praxis requirement.)