Understanding About the South Carolina Student Loans Program

The South Carolina Student Loans Program is an incredibly great program however it is not as well-known or understood as it should be. The South Carolina Student Loans Program was established by the State of South Carolina through the Education Improvement Act of 1984 to basically entice those talented and qualified students into the teaching profession.

Eligibility Requirements for the South Carolina Student Loans Program

There are certain eligibility requirements that you must meet in order to go through the South Carolina Student Loans Program, and that includes: you must be a United States citizen, must be a resident of South Carolina, must be enrolled in good standing at an accredited institution on at least a half-time basis, must be enrolled in either a program of teacher education or have expressed an intent to enroll in such a program, you must be seeking initial certification in a critical subject area if you already hold a teaching certificate, and as well you must file for your loan through the South Carolina Student Loans Program by June 1 of the year.

Although the amount of the loan that you are going to be able to receive from the South Carolina Student Loans Program is going to vary, depending on various factors, there are some basics which generally always remain the same. Freshmen and sophomores are able to borrow up to $2,000 per year while juniors, seniors and graduate students are able to borrow up to $5,000 a year. Career Changers are able to borrow up to $15,000 per year and as well up to an aggregate maximum of $60,000.

Loan Cancellation

There is also the matter of loan cancellation, and it should be known that the loan is cancelled at the rate of 20% or $3,000, depending on which is greater, referring to each full year of thinking in a critical subject or critical geographic area within South Carolina. It is important to know that the subject areas deemed critical at the time that you apply, or subsequently, will be honored for cancellation when you begin teaching, and a critical geographic area must be deemed critical at the time of your employment.

Getting a loan can be a wonderful thing, however you have to make sure that you are going to be able and willing to pay it back on time, because if you do not, there can be serious repercussions.