South Carolina Student Loan Program

Don’t miss out on the many opportunities that are available to help fund your education! One of which is the South Carolina Teachers Loan Program.

The South Carolina Teachers Loan Program is a loan that may be forgiven if the applicant teaches in a South Carolina public school in a critical subject (including math and science!) or a critical geographic area of South Carolina. This program is only available to South Carolina residents

 

Here’s how it works:

FRESHMAN YEAR
Freshmen may borrow up to $2,500/year with the SC Teachers Loan. To begin the process, download and complete the SC Teachers Loan Application prior to the April 30 deadline. That means, if you are not beginning school until the Fall, you need to apply for the loan while you are still in high school.

 

SOPHOMORE YEAR
Sophomores may borrow up to $2,500/year with the SC Teachers Loan. Once again, applications must be completed before the April 30 deadline, so start on this process while you are still in your freshman year.

 

JUNIOR YEAR
Juniors may borrow up to $5,000/year with the SC Teachers Loan. Applications must be completed before the April 30 deadline, so start on this process while you are still in your sophomore year.

 

SENIOR YEAR
Seniors may borrow up to $5,000/year with the SC Teachers Loan. Applications must be completed before the April 30 deadline, so start on this process while you are still in your junior year.

 

MASTER'S OR 5-TH YEAR
Graduate students in the M.T. or M.A.T. programs may borrow up to $5,000/year with the SC Teachers Loan. Application must be complete before for the April 30 deadline, so start on this process while you are still in your senior year.

 

Add it all up and you’ve just been given $20,000 in forgivable loans that you can put toward your education!

 

How does the “forgiving” work?

The loan is forgiven at the rate of 20% or $3,000, whichever is greater, for each full year of teaching in a South Carolina public school in a critical subject or critical geographic area. If you teach in a public South Carolina school in both a critical subject and a critical geographic area, your loan will be forgiven at the rate of 33 1/3% or $5,000, whichever is greater, for each year of full time teaching.

Have even more questions about the loan forgiveness program? Click here to review the South Carolina Student Loan website.