LOANS
Loans must be repaid, but most not until after the student completes their studies. Includes the Federal Stafford Student Loan Program, Federal PLUS, Federal Perkins Loan, and Health-Related Professions Loan Programs.
Federal Stafford Loan-Subsidized
Click Here to Select a Stafford Loan Lender
The subsidized Stafford Loan Program provides long-term, low-interest, need-based loans to undergraduate, graduate, and professional students. The interest rate is fixed at 5.6 percent for all loans disbursed July 1, 2009 or after. The interest rate on subsidized Federal Stafford Loans made prior to July 1, 2006, 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.
Federal Stafford Loans may be requested from a variety of lenders with a loan guarantee from any authorized guarantee agency. 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 sophmore 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 Stafford 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.
Some students will receive a promissory note which must be signed, completed, and returned to your lender before any loan funds will be disbursed. If, however, you signed a Master Promissory Note for the 1999-2000 academic year, it may also be used for all future Stafford Loans you may borrow while attending USC Upstate. You will no longer need to sign a promissory note each year you apply for and receive a Stafford Loan.
Federal regulations require that we limit or reduce the amount of a Stafford Loan under certain prescribed conditions. These conditions are as follows: 1) You are an undergraduate and you apply for a Stafford 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 Stafford Loan amount may be reduced. The financial aid office will make this adjustment and send you a revised award letter.
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 Stafford Loan (subsidized or unsubsidized) was certified, you receive any type of other financial assistance, or your tuition fee structure changes, your eligibility for the Stafford Loan may be reduced. In some cases, you may be required to repay amounts in excess of your eligibility.
Federal Stafford Loan-Unsubsidized
The unsubsidized Federal Stafford Loan program is similar to the subsidized Stafford 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 Stafford Loan totals combined cannot exceed the totals previously noted for a subsidized Stafford 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 Stafford Loan; however, interest begins to accrue at the time the lender makes the loan and is not automatically deferred. 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 receive a promissory note, which must be completed, signed and returned to your lender before any loan funds will be disbursed. If, however, you signed a Master Promissory Note for the 1999-2000`` academic year, it may also be used for all future Stafford Loans you may borrow while attending USC Upstate. You will no longer need to sign a promissory note each year you apply for and receive a Stafford Loan.
Federal regulations require that we limit or reduce the amount of a Stafford Loan (subsidized and unsubsidized) under certain prescribed conditions. These conditions are as follows: (1) You are an undergraduate and you apply for a Stafford 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 Stafford Loan amount may be reduced. The financial aid office will make this adjustment and send you a revised award letter.
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 Stafford Loan, (subsidized or unsubsidized) was certified, you receive any type of other financial assistance, or your tuition fee structure changes, your eligibility for the Stafford Loan may be reduced. In some cases, you may be required to repay amounts in excess of your eligibility.
Stafford Loan Forgiveness Program
Education majors may qualify to have a portion of their Stafford loans forgiven. View loan forgiveness program information here.
Federal PLUS Loan for Parents
Click Here to Select a PLUS Loan Lender
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 8.50 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
Click Here to 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.
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.
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 both of the steps below:
Step One:
Federal Perkins Entrance Counseling
All Students are required to complete the counseling session. Simply click on the link above and follow the instructions. The Financial Aid office will be notified electronically that you have fulfilled this important requirement. Failure to complete this session will delay your loan funds.
Step Two:
Perkins Master Promissory Note
You will need to return two copies of your Master Promissory Note (above) to the USC Upstate Financial Aid Office, 800 University Way, Spartanburg, SC 29303. Failure to submit this information to our office may result in the delay of your funds.
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, as lender comparsion students may not be awarded financial aid until they have been officially accepted by the University.
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.
For more information, contact the Office of Financial Aid and Scholarships:
800 University Way
Admin. Building, Room 304
Spartanburg, SC 29303
Toll-free: 800-277-8727
Phone: 864-503-5340
Fax: 864-503-5974
E-mail Us