Use The South Carolina Student Loan Corporation To Fund Your Education

Hand in hand with a college educations importance, it should also be acknowledged that the funds necessary to get a college degree is also very important. There is a significant amount of money involved in financing a university student who wants to earn a college degree. Fortunately there are a lot of institutions and corporations who are willing to lend money to students who have the drive to attend college but lack the necessary funding. One such institution is the South Carolina Student Loan Corporation that is a dedicated to extending help to students and their parents alike. They provide an affordable alternative to financing many students college education.

South Carolina Student Loan Corporation is the only lender based in South Carolina. It has been of great assistance to a lot of people in its service of more than 30 years. This financial institution offers several federal loan programs. Stafford Loans are federal loans that are and have funded the education for many college students. One unique feature of the Stafford loan is that you do not have to have a long and perfect credit history to be approved for this loan. Parents of students can also apply for a PLUS loan to cover some of their children’s education. In general these loans are easy to apply for and approval rates are fairly high. Both loan programs have relatively low interest rates and a good degree of flexibility.

For graduate and professional students, there is an available GRAD PLUS Loans from the South Carolina Student Loan Corporation. Payments for this type of loan are not required while the student is still enrolled. This is also the only source for loans under the S.C Teacher Loan Program. The goal of this program is for those who are academically superior to enter the teaching profession. If a recipient teaches after graduation, that recipient is eligible to have some of their debt canceled.

Due to the high cost of an education, it is very common these days for students to have to apply for more than one loan. This usually happens when one loan cannot suffice or fund their living expenses and their college education at the same time. Multiple repayments each month may cause a lot of problems for someone with a lot of debt with different lenders. It is easy to miss a payment under these circumstances. This could cause a student to miss a payment and become in default of their loans. In addition carrying multiple loans will mostly likely lower your credit scores.

There are also consolidation programs being offered by the corporation so that several loans can be combined. When this happens, only one payment must be made each month by the borrower. This will make the budget of the borrower easier to manage. In general your overall loan payment will be lower with a consolidated student loan as well. You might be glad to know that aside from the fact that the South Carolina Student Loan Corporation continues to help students to finance their college education, they also educate these students on how to manage their debt through counseling.