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Student Loan Programs
Lender Options
Online Loan Counseling
Stafford Loan Promissory Note
Information is provided on this web page about lenders and guaranty
agencies that we feel provide a high level of service while offering
competitive terms. However, the final choice of lender lies with students
and parents. We will respond to and process any request to use any lender or
guaranty agency that participates in federal and private educational loan
programs. If you have questions about our loan process, you may contact our
office.
PLEASE NOTE: If your loan application is received in the USCA Office of
Financial Aid after July 1, you should not expect
loan funds to be available before the deadline to pay your Fall
semester bill.
Federal and SC Student Loan Programs
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Federal Perkins Loan Program
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Federal Stafford Loan
The Federal Stafford Loan program provides low interest, long term loans to eligible students through lenders outside the University.There are two types of Federal Stafford Loans:
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Subsidized Federal Stafford Loan
A subsidized Stafford Loan is awarded based on financial need and accrues no interest while the student is enrolled in school at least half-time, during the grace period, or during periods of deferment.
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Unsubsidized Federal Stafford Loan
An unsubsidized Stafford Loan is not dependent upon need. Interest accrues from the time the loan is disbursed until final payment. The student has the option to make interest payments while in school and during the grace period.
For the period of July 1, 2009 through June 30, 2010, the following interest rates are in effect:
- 5.6% fixed rate on an undergraduate subsidized Stafford
- 6.8% fixed rate on a graduate subsidized Stafford
- 6.8% fixed rate on an unsubsidized Stafford (undergraduate and graduate)
If you indicate on the FAFSA that you are interested in loans, you will receive information from our office that will guide you through the application process. We will automatically consider you for both subsidized and unsubsidized Stafford Loans, first awarding the maximum subsidized amount, then the maximum unsubsidized amount according to program limits and your eligibility. First-time borrowers must sign a promissory note with the lender prior to disbursement of funds.
Annual Maximum Loan Amounts
The Federal Stafford Loan program provides up to $5,500 for the first year of undergraduate study, $6,500 for the second year and $7,500 per academic year for upperclassmen. The Unsubsidized Stafford Loan provides increased annual maximums for independent students (and some dependent undergraduates if a parent is denied a PLUS loan) up to $9,500 for the first year of undergraduate study, $10,500 for the second year, $12,500 per academic year for upperclassmen and $20,500 for graduate students.
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Graduate PLUS Loan
Graduate PLUS Loans are available to graduate students to borrow their cost of attendance minus other financial aid. Graduate applicants are required to complete the FAFSA and must apply for their annual loan maximum eligibility under the Subsidized and Unsubsidized Stafford Loan before applying for a Graduate PLUS Loan. The loans have a fixed interest rate of 8.5%. Payments are not required while the student is enrolled on a half-time or greater basis. Applicants may be denied a PLUS Loan due to adverse credit history.
Students may complete an Online Pre-Screening for Graduate PLUS Loan. (Note: If SC Student Loan approves a Graduate PLUS in the prescreen process, borrowers have the option of selecting another lender.)
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South Carolina Teachers Loan Program
- South Carolina Career Changers Loan Program
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have possessed a baccalaureate degree for at least three years. (This requirement is waived for individuals who are employed as instructional assistants in the South Carolina public school system.)
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have been employed for a minimum of three years.
The Federal Perkins Loan program provides low-interest (5%), long term loans to eligible students. The USCA program provides up to $4,000 per academic year, not to exceed $20,000 for the completion of undergraduate study.
If you indicate on the FAFSA that you are interested in loans, your application will be reviewed to determine if you are eligible for a Federal Perkins Loan. Funds in this program are limited and are awarded on a first-come, first-served basis.
If you are awarded a Perkins Loan, you will receive a promissory note and entrance counseling information prior to the start of the semester. This information must be completed and returned to the USCA Business Services Office before disbursement of funds.
Freshmen
and sophomores may borrow up to $2,500 per year. Juniors,
seniors, and graduate students may borrow up to $5,000 per year.
The cumulative maximum amount is $20,000.
The loan
is forgiven at the rate of 20% or $3,000, whichever is greater,
for each year of full time teaching in a critical subject or
critical geographic area within South Carolina. Teaching in
both a critical subject and geographic area simultaneously
increases the rate of forgiveness to 33 1/3% or $5,000, whichever
is greater, for each year of full time teaching. The subject
areas deemed critical at the time of application will be honored
for forgiveness when teaching begins; critical geographic areas
must be deemed critical at the time of employment. Failure to
teach in a critical area will require repayment of the full
amount borrowed plus accrued interest. The interest rate shall
be the maximum interest rate on the Federal Stafford Loan plus
2%.
A continuing undergraduate applying for the SC Teachers Loan must have successfully completed the Praxis 1 Exam. Students with an SAT score of 1100 or greater (1650 for exams taken on or after March 1, 2005) or an ACT score of 24 or greater are exempt from the Praxis 1 requirement. The Teacher Cadet program is no longer a requirement.
Applications are available in the Office of Financial Aid and on the website of South Carolina Student Loan. Click here for the online application and information. This application is for the SC Teachers Loan or the Career Changers Program (see below). Students may apply for one program or the other, but can only receive funds from one program.
The annual priority deadline to submit
the application is June 1. However, SC Student Loan will continue to
accept applications until funding for the programs is exhausted.
Career changers are individuals who are changing careers to enter the teaching profession. They must meet the eligibility requirements for the South Carolina Teachers Loan Program except that the academic requirements are waived during the initial year of the teacher education program. To qualify as a Career Changer, the borrower must:
Career Changers may borrow
up to $15,000 per year and up to an aggregate maximum of $60,000.
Lender Options
The following lenders are some that have participated in the Federal Stafford Loan Program in past years. However, we will process your Stafford Loan with the lender of your choice. If you wish to use a lender that is not on the list below, apply online with the selected lender and ask the lender to fax the school certification form to our office at 803-643-6840.
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Chase - www.chasestudentloans.com
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Citibank - www.studentloan.com
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South Carolina Student Loan - www.scstudentloan.org
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Wachovia - www.wachovia.com
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Federal Stafford Loan Counseling
Loan Entrance Counseling is required for all first time borrowers in the Federal Stafford Loan Program. You may do your entrance counseling online at the Mapping Your Future Loan Entrance Counseling website.
Also, Loan Exit Counseling is required prior to graduation or departure from the University. You may do your exit counseling at the Mapping Your Future Loan Exit Counseling site.
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Graduate PLUS Loan Counseling
Loan counseling is required for Graduate PLUS Loan borrowers. Entrance loan counseling can be done online at http://mappingyourfuture.org/gpe and exit counseling can be completed at http://mappingyourfuture.org/gpx.
Stafford Loan Promissory Note
Sign your Stafford Loan Master Promissory Note (MPN) online with the following lenders:
- Chase
http://www.chasestudentloans.com/applications/students/studstafford.asp
- Citibank
https://studentloan.citibank.com/s/slcsite/fr_apppro.htm
- South Carolina
Student Loan
www.scstudentloan.org/students/loanprograms/federalstaffordloan.aspx
- Wachovia
https://online.educaid.com/app/mpn/mpn-intro.cfm
If you have selected a lender that is not listed
above, sign your MPN on the lender's website.
Loan Cancellation and Repayment Programs
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Federal Stafford Loan Cancellation for Teachers
To qualify for up to $5,000 loan forgiveness under this program, you must not have had an outstanding balance on a loan as of October 1, 1998. To qualify for the increased amount of loan forgiveness up to $17,500 available for certain mathematics, science and special education teachers, you must not have had an outstanding balance on a loan as of October 1, 1998 or on the date that you obtained a loan after October 1, 1998.
To qualify, you must have been employed as a full-time teacher for five consecutive complete academic years in an elementary or secondary school that has been designated as a "low-income" school by the U.S. Department of Education.
For complete information about this program, contact your lender or visit the Federal Student Aid website.
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Nursing Education Loan Repayment Program
The Nursing Education Loan Repayment Program (NELRP) offers registered nurses substantial assistance to repay educational loans in exchange for service in eligible facilities located in areas experiencing a shortage of nurses. Authorized by Section 846 of the Public Health Service Act, as amended, the purpose of the NELRP is to assist in the recruitment and retention of professional nurses dedicated to providing health care to underserved populations.
For additional information and eligibility requirements, click here.
Federal Parent Loan Program
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Federal PLUS Loan Program
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Federal PLUS Pre-Screening Process
The Pre-Screening Process is a great way for parents who are concerned with their credit history to get a better idea of their eligibility for a Federal PLUS Loan. The Pre-Screening can save time during the loan application process and helps the Office of Financial Aid complete your financial aid award package as early as possible.
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Use this link to complete the Federal PLUS Online Pre-Application or
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Complete the pre-screening process by calling SC Student Loan at 800-347-2752.
Note: If SC Student Loan approves PLUS in the prescreen process, borrowers have the option of selecting another lender for their PLUS Loan.
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The Federal Parent Loan for Undergraduate Students (PLUS) provides long-term loans to parents for their dependents through lenders outside the University. Loan amounts under this program are limited to the student's cost of education minus other financial aid awards. Repayment begins sixty days after the PLUS Loan fully disburses. Parents have the option of postponing payments until six months after the student ceases to be enrolled at least half time. Parents must contact the lender to request a postponement of payments. Interest will accrue during the postponement period. The loans have a fixed rate of 8.5%. Parents may be denied a PLUS Loan due to adverse credit history. If the PLUS Loan is denied, the student is eligible for an additional Unsubsidized Federal Stafford Loan.
Parents who wish to borrow under the Federal PLUS program will need to obtain a loan application from your lender and submit it to the Office of Financial Aid for certification. The application should be submitted at least 45 days prior to the beginning of the term or semester for which the loan is requested.
Private Education Loan
Programs
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Chase Select Loan
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Sallie Mae Smart Option Student Loan
The Sallie Smart Option Student Loans is a school certified private education loan for undergraduate and graduate students. Annual minimum is $1000. Disbursement fees range from 0% to 5%. Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. Interest rates are variable and are reset monthly based on the one-month LIBOR Index. Borrowers may apply for a cosigner release after successful completion of their education. No prepayment penalty. Monthly interest-only payments are required during the in school period and during the six-month separation period. International students are eligible with a creditworthy cosigner (who must be a U. S. citizen or permanent resident) and U. S. Citizenship and Immigration Service (USCIS) documents). For details, go to www.salliemae.com. You may also contact the Financial Aid Loan Coordinator at USC Aiken.
This information was current as of 3/23/09 and is subject to change.
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Wells Fargo Collegiate Loan
Wells Fargo Collegiate Loan is a private education loan for enrolled undergraduate and graduate students for full-time, half-time, and less than half-time attendance. No origination, disbursement, or early payment fees. Grace period is six months after you leave school. The annual percentage rate (variable for the life of the loan) is based on the Prime Rate and the credit rating of the applicant (and co-signer, if applicable). Co-signer release option available. For details, go to www.wellsfargo.com/student/undergrad/collegiate or call Wells Fargo at 1-800-658-3567. You may also contact the Financial Aid Loan Coordinator at USC Aiken.
The Chase Select Loan is a school certified private education loan for undergraduate and graduate students. Annual minimum is $500. Three repayment options: deferred, interest only, or immediate. Grace period is 6 months after graduation or once the borrower ceases to be enrolled. Up to 20 years to repay for loan amounts up to $30,000 and up to 25 years for loan amounts of $30,000 or more. Cosigner release option available. Interest rates based on the 3-month LIBOR index. For details, call 1-866-306-0868 or go to www.chaseselectloans.com. You may also contact the Financial Aid Loan Coordinator at USC Aiken.
This information was current as of 3/27/09 and is subject to change.
Inquiries to StuAid@usca.edu
Last updated/reviewed 11.19.09
