A Federal Direct Student Loan is a government-backed loan that helps students cover the cost of their education. Unlike grants, these loans must be repaid, but they offer low, fixed interest rates and flexible repayment options.   

There are two types of Federal Direct Student Loans:   

1. Subsidized Loans – Available to students with financial need. The government covers the interest while you’re in school. 
2. Unsubsidized Loans – Available to all eligible students, but interest accrues immediately.   

To apply, students must complete the FAFSA. Borrow only what you need, and explore repayment options after graduation.   

The Federal Direct Parent PLUS Loan helps parents cover the cost of their student’s education at PC. This loan is available to biological parents, adoptive parents, or stepparents of dependent undergraduate students and is solely in the parent’s or parents’ name.   

Key Features: 

• A FAFSA must be on file before applying. 
• A credit check is required for approval. 
• Parents can borrow up to the full cost of attendance, minus any other financial aid received. 
• If denied, the student may be eligible for additional Unsubsidized Loan funds. 
• Parents must reapply each academic year to continue receiving the loan.   

The U.S. Department of Education is the lender, and repayment options are available to fit your financial situation.   

The South Carolina Teacher Loan program offers valuable loan forgiveness opportunities for qualified educators who commit to teaching in South Carolina’s public school system. Recipients may have portions of their loan forgiven by teaching in designated critical geographic areas or subject areas experiencing teacher shortages. 

Important Note: This forgiveness benefit is exclusively available to certified South Carolina teachers who receive the SC Teacher Loan. Teachers’ aides and assistants are not eligible for this forgiveness program. 

Eligibility Requirements 

To qualify for the SC Teacher Loan, you must: 

• Be a United States citizen or permanent resident 
• Be a South Carolina resident 
• Be enrolled at least half-time (6+ credit hours) at Presbyterian College 
• Be making Satisfactory Academic Progress as defined in the Financial Aid Handbook 
• Be enrolled in Presbyterian College’s Education Department 

Academic Requirements 

For Incoming Freshmen: 

• Rank in the top 40% of your high school graduating class 
• Score at or above the South Carolina average on the SAT or ACT for your high school graduation year 

For Currently Enrolled Students: 

• Maintain a cumulative GPA of at least 2.75 at Presbyterian College 
• Pass the Praxis Core examination 

Exemption: Students with SAT scores of 1100+ or ACT scores of 22+ are exempt from the Praxis requirement 

When federal student aid and scholarships don’t cover the full cost of education, private student loans can help bridge the gap. These loans are offered by banks, credit unions, and other financial institutions rather than the federal government. 

Important Considerations: 

• Shop around and compare interest rates, fees, and repayment terms. 
• Most private loans require a credit check and/or a co-signer. 
• Interest rates may be fixed or variable. 
• Repayment options are typically less flexible than federal loans. 
• Always exhaust federal loan options before considering private loans 

PC has partnered with several trusted lenders to provide competitive private loan options for our students. Our financial aid counselors can help you navigate these options to find the best fit for your situation.