Loans

At Presbyterian College, we invest in you.  We ask that you consider investing in yourself too.  Please know that loans are not the best path for all students.  We encourage you to research your career path, know how much you may be expected to earn after college, and determine if it is a good return on your investment.  The Office of Financial Aid is available to assist you with this decision.

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.

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.

First-time Borrowers are required to complete:

1. Federal Aid Authorization Form (found on BannerWeb)
2. Master Promissory Note
3. 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.

We’ve partnered with iGrad.

At PC we understand the value of higher education and we want you to make the best financial decision for you and your family. With iGrad, you and your family have access to customized resources regarding personal finance.

Visit Presby.igrad.com for more information.

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.

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.

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:

1. 60 days after the loan is disbursed
2. At the time your student drops below 6 hours or graduates
3. 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:

1. Master Promissory Note

Parents who were denied but obtained an Endorser are required to complete:

1. New Master Promissory Note
2. PLUS Credit Counseling

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.

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.

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:

1. Federal Aid Authorization Form (found on BannerWeb)
2. Master Promissory Note
3. 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.)

Questions?

Search our library of short videos: