Private Loans


Private education loans are non-Federal Student Aid loans that are made to a borrower expressly for postsecondary education expenses, regardless of whether the loans are provided through the educational institution that the student attends or directly to the borrower from the private educational lender. Private loans are considered a "last resort" because their interest rates are higher and all private lenders require credit-worthy individuals to sign for the loan.

How to Apply for Private Loans

  1. Review lenders from the suggested lender list below. (You have the option to use any lender of your choice outside of the suggested lenders that are listed.)
  2. Once a lender has been selected, please follow the link to your choice of lender. You will be redirected to the lender website to complete the application process.  
  3. Print and submit the self-certification form to the Financial Aid Office for completion after you have received approval of the loan from your lender. (This form must be submitted to the Financial Aid Office before your loan can be certified.)  
  4. Once your loan has been certified, your student account will reflect the amount for which you were approved.

Suggested Lenders:

South Carolina Student Loan Corp Palmetto Assistance Loan – www.scstudentloan.org
Borrowers can borrow up to their cost of attendance minus any other form of Financial Aid.

  • There is a lifetime aggregate max of $150,000.
  • There is an annual minimum of $2000.
  • There is a repayment term of 10 years if balance is less than $17,500.
  • There is a repayment term of 15 years if balance is more than $17,500.
  • There is no origination fee.
  • Borrowers can qualify for a 0.25% reduction in interest rate if they enroll in automatic monthly payments.
  • A cosigner is required if borrower is under the age of 24 or is 24 and older but not credit-worthy.
  • There is a fixed interest rate of 3.99% to 6.99%.
  • 5.99% if borrower elects to make monthly interest payments while in school.
  • 6.99% if borrower elects to not make interest payments while in school (must still pay $25/month).
  • Borrowers must be enrolled at least half-time (6 credit hours) in a certificate, diploma, or degree program.
  • Borrowers must maintain SAP (Satisfactory Academic Progress as defined by the college for other financial aid.
  • Borrowers can choose between a fixed $25 per month payment option or pay the full monthly accrued interest after disbursement.

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Sallie Mae Smart Option Loan – www.salliemae.com

  • Borrowers can borrow up to their cost of attendance minus any other form of Financial Aid.
  • Borrowers can choose between a fixed $25 per month repayment option or pay the full monthly interest payment after disbursement.
  • There are no disbursements or origination fees.
  • Borrowers can qualify for a 0.25% reduction in interest rate if they enroll in automatic monthly payments.
  • Borrowers can be less-than-part-time and still receive loan
  • You can apply to release your cosigner from your loan after you graduate and make twelve consecutive on time principal and interest payments.
  • Borrowers do NOT have to be meeting SAP (Satisfactory Academic Progress).
  • A cosigner is required if the student borrower is not credit worthy.
  • Variable 4.25% to 11.10%.
  • Fixed interest rates range from 5.74% to 11.85%.
  • Borrowers must be enrolled in an eligible certificate, diploma, or degree program to receive loan.
  • Student and/or co-signer must be credit worthy.
  • There is an annual minimum of $1000.

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Wells Fargo  -  https://wfefs.wellsfargo.com/terms/AppDisclosureFilter

  • Borrowers can borrow up to their cost of attendance minus any other form of Financial Aid.
  • Borrowers can qualify for a Graduation Discount. 0.25% interest rate reduction upon successful graduation.
  • Borrowers can qualify for an Automatic Pay Discount. 0.25% interest rate reduction for enrolling in automatic payments.
  • Variable interest rates range from 6.58% to 12.25%.
  • Fixed interest rates range from 7.46% to 12.65%..
  • Borrowers will not incur an application or origination fee, and no penalty for paying off your loan early.
  • You can apply to release your cosigner from your loan after you graduate and make twelve consecutive monthly payments are made on time and student borrower meets certain credit requirements.
  • Borrowers must be enrolled in an eligible certificate, diploma, or undergraduate degree program to receive loan.
  • You may qualify for this loan even if you are enrolled less than half time.
  • You must be a U.S. citizen, U.S. national, permanent resident alien without conditions, or international student who is a temporary resident alien with a current U.S. address and proper evidence of eligibility.

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