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Loans

Loans must be repaid, but most not until after the student completes their studies. Includes the Federal Direct Loan Program, Federal PLUS and Federal Perkins Loan.

Federal Direct Loan-Subsidized
Click here to complete Direct Loan Master Promissory Note and Entrance Counseling

(You must have your FAFSA Pin Number available to use on the Web site.)
The subsidized Direct Loan Program provides long-term, low-interest, need-based loans to undergraduate, graduate, and professional students. The interest rate on subsidized Federal Direct Loans will vary according to the dates on which the loans were disbursed and/or the borrower's outstanding federal loan indebtedness. The interest rate during repayment will be different. These rates are subject to change by law.

As an undergraduate, you may borrow up to $3,500 subsidized and $2,000 unsubsidized for your freshman year, $4,500 subsidized and $2,000 unsubsidized for your sophomore year, and $5,500 subsidized and $2,000 unsubsidized for your junior and senior year, not to exceed a maximum of $23,000 subsidized and $8,000 unsubsidized. As a graduate or professional student, you may borrow up to $8,500 per year not to exceed $65,500, including any amount borrowed as an undergraduate. If you receive a subsidized Direct Loan, you will not be required to begin repayment until six months after you cease to be enrolled on at least a half-time basis.

Students must sign and complete a Direct Loan Promissory Note before any loan funds will be disbursed.

Federal regulations require that we limit or reduce the amount of a Direct Loan under certain conditions. These conditions are as follows: 1) You are an undergraduate and you apply for a Direct Loan and are enrolled less than a full academic year (fall and spring semesters); or 2) you will complete all degree requirements at the end of the semester or term. If both of these conditions occur, the Direct Loan amount may be reduced. The financial aid office will make this adjustment and you may view your award letter on VIP.

We are required to disburse your loan in installments to coincide with the beginning of the enrollment period covered by the loan. Additionally, if after the time your Federal Direct Loan (subsidized or unsubsidized) was certified, you receive any type of other financial assistance, or your tuition fee structure changes, your eligibility for the Direct Loan may be reduced. In some cases, you may be required to repay amounts in excess of your eligibility.

Federal Direct Loan-Unsubsidized
The unsubsidized Federal Direct Loan program is similar to the subsidized Direct Loan except that eligibility is not based on financial need and interest payments are not subsidized by the federal government, but rather are the responsibility of the borrower.

If you are a dependent student, your annual unsubsidized and subsidized Direct Loan totals combined cannot exceed the totals previously noted for a subsidized Direct Loan. As an independent student, you have additional unsubsidized eligibility of $4,000 per year for the freshman and sophomore years of study and $5,000 per year for junior and senior years of study. As a graduate or professional degree student, you have an additional $10,000 per year in unsubsidized eligibility, and your career maximum increases to a total of $73,500, including any amounts borrowed as an undergraduate. Medical students and graduate students in public health and clinical psychology may be eligible for additional unsubsidized loan limits. The interest rate is the same as the subsidized Direct Loan; however, interest begins to accrue at the time the loan funds are disbursed. You may choose to pay the interest or request that it be deferred. This results in the deferred interest being capitalized and creating a greater expense to you during repayment.

Some students will need to complete and sign a promissory note before any loan funds will be disbursed.

Federal regulations require that we limit or reduce the amount of a Direct Loan (subsidized and unsubsidized) under certain conditions. These conditions are as follows: (1) You are an undergraduate and you apply for a Direct loan and are enrolled less than a full academic year (fall and spring semesters); or (2) you will complete all degree requirements at the end of the semester or term. If both of these conditions occur, the Direct Loan amount may be reduced. The financial aid office will make this adjustment and you may view your award letter on VIP.

We are required to disburse your loan in installments to coincide with the beginning of the enrollment period covered by the loan. Additionally, if after the time your Federal Direct Loan, (subsidized or unsubsidized) was certified, you receive any type of other financial assistance, or your tuition fee structure changes, your eligibility for the Direct Loan may be reduced. In some cases, you may be required to repay amounts in excess of your eligibility.

Direct Loan Exit Counseling
Students who have graduated or are no longer enrolled who received Federal Direct Loans must complete exit counseling at www.nslds.ed.gov. Click here to download the Exit Counseling Guide.

Direct Loan Forgiveness Program
Education majors may qualify to have a portion of their Stafford loans forgiven:

Stafford Loan Forgiveness Program for Teachers  

Public Service Loan Forgiveness - Nursing  

Federal Loan Consolidation


Federal PLUS Loan for Parents

Click here to complete a Plus Loan Promissory Note  

The PLUS loan is a non-need-based educational loan program that allows parents to borrow funds for full-time dependent students. Parents may borrow up to the cost of education less any other financial assistance received during the loan period. For loans disbursed on or after July 1, 2006, the interest rate is fixed at 7.9 percent. Previous PLUS loans may have a different interest rate depending upon when the loan was first disbursed. Repayment begins within 60 days after the loan is made. The repayment period can be extended up to 10 years with minimum monthly payments to be arranged with the lender.

PLUS loan checks are mailed directly from the lender to the school. Parents/students are advised to exhaust their eligibility for other federal student aid programs before considering the PLUS loan.


Private Loans
Select a Private Loan Lender
Alternative loans or private loans are designed to help students who need additional assistance with educational costs. It is important to understand that these loans do not offer the same advantages that the Federal Loan programs offer and should be used only if all other avenues have been pursued. There are a number of private lenders who offer alternative loans. Loan approval is generally based on creditworthiness and the ability to repay. Most student borrowers will need a credit-worthy, employed cosigner in order to qualify. Each lender offers different rates, fees, repayment terms and approval requirements. Below is a link to a comparison chart that can help you choose which alternative loan is right for you.

Private Loan Self-Certification Form
Cost of Attendance:  

2012-2013 Academic Year  

Resident Living with Parents$17,195
Resident Living Off Campus        $25,307
Resident Living On Campus  $21,986
Non-Resident Living with Parents$28,539
Non-Resident Living Off Campus $36,684
Non-Resident Living On Campus      $32,579

South Carolina Teacher Loan Program
This program is available only to residents of South Carolina who are attending college for the purpose of becoming certified teachers employed in the state's school system in areas of critical need as defined by the State Board of Education. For loan recipients who become certified and teach in an area of critical need, the loan shall be cancelled at the rate of 20 percent for each full year of teaching, up to 100 percent. Loan recipients who do not become certified and/or do not teach in an area of critical need shall be responsible for repaying the entire amount of loan funds borrowed plus interest.

For more information, visit the SC Teacher loan program's Web site.

SC Teacher Loan Forgiveness – SC Student Loan Corporation

Federal Perkins Loan

The Perkins Loan Program is a low-interest (5 percent), long-term educational loan program available to both undergraduate and graduate students demonstrating exceptional financial need. This is a loan and must be repaid. Undergraduates may borrow up to $4,000 for each year of study and up to $20,000 to complete an undergraduate degree. Graduate students may receive up to $6,000 for each year of study not to exceed $40,000 for all years of study including undergraduate amounts received. Award amounts are based on fund availability and are determined annually by the Financial Aid Office.  If you are eligible for Perkins Loan funds your award amount may be less than these limits due to limited fund availability. Interest is not charged and repayment does not begin until nine months after your enrollment drops below half-time status. If you receive your first Perkins Loan on or after October 1, 1992, your minimum payment will be $40 per month. In all cases, repayment may extend up to 10 years depending upon the total amount borrowed. If you have outstanding National Direct Student Loan (NDSL) balances and you are receiving a federal Perkins Loan now, you must review your NDSL Promissory Note to determine the terms and conditions that apply to your loan. Under certain conditions of re-enrollment, employment, or extenuating circumstances, payments may be deferred or cancelled. Further information concerning repayment is available at the USC Office of Student Loan Accounting Room 110, Petigru Building, Columbia, SC 29208.

If you are awarded a Perkins Loan, you must complete the step below:

Federal Perkins Entrance Counseling/Master Promissory Note/Indebtedness Statement
Simply click on the link above and follow the instructions. The Cashier's Office will be notified electronically that you have fulfilled these important requirements. Failure to complete this session will delay your loan funds.



 Federal Perkins Loan Teacher Cancellation 

Loan History Page
Your complete federal loan history can be viewed by using your Department of Education PIN number. Visit the site.

Applying for Financial Aid
Students seeking financial assistance should apply early for admission to the University, students may not be awarded financial aid until they have been officially accepted to a degree-seeking program at USC Upstate.

Complete the Free Application for Federal Student Aid (FAFSA), which will determine the amount of assistance and which program is appropriate for you. You can obtain this application from the Office of Financial Aid and Scholarships, your high school guidance counselor, or online.

Click here to download the Exit Counseling Guide.  


For more information, contact the Office of Financial Aid and Scholarships:

800 University Way
Health Education Complex, Suite 2081
Spartanburg, SC 29303
Toll-free: 800-277-8727
Phone: 864-503-5340
Fax: 864-503-5974
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