The Perkins Loan program is a low-interest (5%), long-term educational loan program available to undergraduate students demonstrating exceptional financial need. Interest is not charged, and repayment does not begin until 9 months after you graduate, withdraw from school, or your enrollment drops below half-time status.

You are required to complete Perkins entrance loan counseling each academic year that you are awarded a Perkins Loan. Your Perkins loan will not be available for you to use toward your charges until this requirement is met. Additionally, you will also be required to sign a Promissory Note that will be made available to you by your campus Business Office.

(See additional requirements for the Perkins Loan Program). If you graduate, withdraw from school, or your enrollment drops below half-time status, exit interviews must be conducted as well.

For more information about completing entrance and exit interviews, please visit the Mapping Your Future website.

FEDERAL STAFFORD LOAN

Before you receive your first Stafford Loan at the University of South Carolina, you must first complete the required Stafford entrance loan counseling. Near the end of the term you expect to graduate, or if you are withdrawing and you have had a Stafford Loan while at the University of South Carolina, you must complete the requirements for Stafford exit counseling. For more information about completing entrance and exit interviews, please visit the Mapping Your Future website.

For information on choosing a lender for a Federal Stafford Loan and Federal PLUS Loan click here.

Subsidized

The subsidized Federal Stafford Loan program provides long term, low interest, need based loans to undergraduate students. Undergraduates may borrow up to $2625 for the first year of study, $3500 for the second year of study, and $5500 per year for subsequent undergraduate study. However, the amount borrowed as an undergraduate can not exceed $23,000. The loan repayment begins six months after you graduate, withdraw from school, or your enrollment drops below half-time status.

Unsubsidized

The unsubsidized Federal Stafford Loan program is similar to the subsidized Stafford Loan except that eligibility is not based on financial need, but awards can not exceed the cost of attendance less any other financial assistance received during the loan period. The interest payments are not subsidized by the federal government but are the responsibility of the borrower. For dependent students, the annual limits are the same as the subsidized Stafford less any subsidized Stafford received for the same period. Independent students have additional unsubsidized eligibility of $4000 per year for the first and second years of study and $5000 per year for subsequent undergraduate study. Interest begins to accrue on these loans at the time the lender makes the loan, and the interest is not automatically deferred as with a subsidized loan. Borrowers may choose to pay the interest or request that it be deferred which results in the deferred interest being capitalized.

Many students find that they must borrow money to finance a portion of their education. Before you borrow, remember that loans must be repaid . Consider carefully how much you will need to borrow and the burden your loans will impose after you leave school. The Financial Aid Administrator at your institution can provide you with more information on the responsibilities you assume when you borrow money.

Federal PLUS Loan

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. 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.