Loan Originations
PO Box 21487
Columbia, SC 29221

 


Repayment Services
PO Box 21337
Columbia, SC 29221

 

 
 

William M. Mackie, Jr. Interstate Center Suite 210 16 Berryhill Rd. Columbia, SC 29210
www.scstudentloan.org 800-347-2752 803-798-0916

 
 

FOR IMMEDIATE RELEASE
January 7, 2010

 

 

Media Contact: Chuck Sanders
(803) 612-5000
csanders@scstudentloan.org

 

 

SC Student Loan Announces Lower,
Fixed Interest Rate Private Education Loan

 

(Columbia, SC) South Carolina Student Loan, the state’s only non-profit student loan provider, is doing even more to make higher education possible in South Carolina with a new and improved Palmetto Assistance Loan (PAL). The PAL is a low interest rate, private loan program designed to meet the financial needs of South Carolina residents or those attending an eligible South Carolina school when grants and scholarships may not provide a sufficient means to cover the cost of higher education.

President and CEO Chuck Sanders says this loan is a response to the current economic situation that prohibits many students from obtaining a higher education.

“With the ongoing disruption in the credit markets and the rising cost of obtaining a higher education, I am extremely pleased that we are able to offer the PAL program,” President and CEO Chuck Sanders said. “Our team at South Carolina Student Loan has worked hard to make this loan available to students and parents.”

A major plus of SCSL's private education loan program is the fixed interest rate as low as 7.15%. This prevents the borrower from falling victim to rate hikes, which provides a stable environment for the borrower.

"The main thing that we want to stress is that our new PAL program has a fixed interest rate that is much lower than many of our competitors who still have variable interest rate private loans," Sanders said. "Our previous PAL program had a variable interest rate that was indexed off of the 3-month LIBOR rate published by Bloomberg, L.P., adjusted each calendar quarter," he said.

In addition, many lenders require that interest be paid while the student is in school, but SCSL will allow the borrower to choose – pay the interest while enrolled or delay interest payments and only make a minimum payment of $25 per month at a slightly higher interest rate. Creditworthy borrowers or cosigners may also be eligible to receive an origination fee as low as 1%.

PAL borrowers may obtain funds up to the cost of attendance, minus any other financial aid. These funds can be used to help pay for a wide variety of educational expenses like tuition and fees, room and board, books, school supplies and transportation.

SCSL has helped South Carolinians achieve the dream of a college education for over 36 years. With a default rate at just 0.82% for Federal loans, SCSL has consistently achieved one of the lowest default rates in the nation. A low default rate allows SCSL to continually offer excellent benefits and low interest rates to student loan borrowers.

For more information on the PAL program or any of South Carolina Student Loan’s loan products and outreach programs, please visit www.scstudentloan.org or call 1-800-347-2752.

 
 


SC Student Loan is a nonprofit organization established by the state to make education loans to South Carolina residents and students attending South Carolina institutions.
 

Since its inception in 1973, SC Student Loan has made loans to over 460,000 people, totaling $8.2 billion, while maintaining one of the lowest default rates in the nation.

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