FEDERAL PARENT LOANS
(PLUS LOAN)

The Federal Parent Loans for Undergraduate Students (PLUS) Program is designed to help parents pay the cost of their dependent child's education expenses. PLUS loans are long-term, low interest, variable rate loans available to parents of dependent undergraduate students who may not qualify for other types of financial assistance. PLUS loans can help ease the cash-flow burdens by providing a manageable alternative.

Orangeburg-Calhoun Technical College are pleased to inform you that PLUS loans received through the South Carolina Student Loan Corporation (SCSLC) are interest-free for the first year of the loan accomplished by a one-time credit to your account. In addition, we will credit back to your account the 3% loan origination fee, which is required to be charged by federal law.

Eligibility Requirements

• Borrower and student must be a US citizen/national or must have filed a declaration of intent to become a citizen

• Student must be accepted for enrollment or enrolled on at least a 1/2 time basis in a degree or certificate program of study at an eligible post-secondary institution

• Student must be making satisfactory academic progress, as defined by your school

• Borrower must have a satisfactory consumer credit rating and be the natural or adoptive parents of the dependent undergraduate student (legal guardians may not apply)

• Borrower and student must not be in default on any other student loan nor owe a refund on an education grant

Borrowing Process
Not sure you will be eligible? To pre-qualify, please visit South Carolina Student Loan Online Loan Pre-Approval page. If you qualify, South Carolina Student Loan Corporation will notify you immediately and send you a Federal PLUS application form or you can download and print the application and promissory note by going to the PLUS Master Promissory Note Download page. You must complete this form and submit it to the Financial Aid Office at Orangeburg-Calhoun Technical College. We will complete its section and forward the application to SCSLC. The time varies for processing applications, but once SCSLC receive all information from both the parent and school, it usually takes two to three days for your loan to be approved.

PLUS Loan Details
The interest rate for PLUS loans is variable, capped at 9%, and is set for a 12-month period beginning each July 1 and ending on June 30 as determined by the Secretary of the US Department of Education.

• The interest rate effective on 7/1/2006 is fixed at 8.5%.

• Repayment of the loan begins 45 days from the date the loan was fully disbursed.

• The maximum repayment period is 10 years, with no penalty for early prepayment.