Teacher Loans

Loans and forgiveness programs that empower the next generation of teachers in South Carolina.

SC Teacher Loan and Career Changers

We believe in empowering the next generation of teachers in South Carolina. That's why we offer Teacher Loans to South Carolina residents who are interested in the teacher profession and Career Changers Loan for South Carolina residents interested in changing careers to become a teacher.

You must be a citizen or permanent resident of the United States.
You must be a resident of South Carolina.
You must be enrolled in and making satisfactory academic progress at an approved institution on at least a half-time basis.
You must be enrolled in a program of teacher education or have expressed an intent to enroll in such a program.
Entering freshmen must have been ranked in the top 40% of their high school graduating class and have an SAT or ACT score equal to or greater than the South Carolina average for the year of high school graduation. Currently, the average scores are: SAT (2 parts) 1020, ACT 18.
Enrolled undergraduate students, including enrolled freshmen (2nd term of freshman year), must have a cumulative grade point average of at least 2.75 on a 4.0 scale and must have taken and passed the Praxis Core (Praxis I prior to 07/01/14). Students with a SAT taken on or after 03/05/16, earning a total score of 1100 or greater (1650 for 3-part exams taken 03/01/05 - 03/04/16) or an ACT score of 22 or greater are exempt from the Praxis requirement. Other Praxis exemptions may apply, check with your College's Education Department.
Entering graduate students must have at least a 2.75 grade point average on a 4.0 scale.
Graduate students who have completed at least one term must have a grade point average of 3.5 or better on a 4.0 scale.
If previously certified to teach, you must be seeking initial certification in a different critical subject area currently listed

You must meet the above requirements except (1) the last requirement pertaining to previously certified teachers because the Career Changers Loan is only for someone changing careers to become a teacher, and (2) the academic requirements; those will be waived for the first year you apply for the Career Changers Loan.
You must have possessed a baccalaureate degree for at least three years. This requirement is waived for individuals who are instructional assistants in the South Carolina public school system.
You must have been employed full-time for at least three years.

Maximum Loan Amounts
Freshmen and sophomores may borrow up to $2,500 per year with the SC Teachers Loan. Juniors, seniors, and graduate students may borrow up to $7,500 per year. The aggregate maximum is $27,500 for undergraduate and graduate students.

Career changers may borrow up to $15,000 per year and up to an aggregate maximum of $60,000.

Interest Rate
If you do not teach, repayment will begin six months after you graduate or cease to be enrolled at least half-time. Effective for loans disbursed on or after July 1, 2013, the interest rate shall equal the Direct Stafford Loan interest rate charged for unsubsidized loans to undergraduate students plus 2%, not to exceed 8.25%.

SC PACE Loan

We also offer loans to individuals who haven't completed a traditional teacher education program but qualify to participate in an alternative pathway to professional educator certification, called the South Carolina Program of Alternative Certification for Educators (PACE). Our loans reimburse you for expenses with the PACE program. If you’re approved, a check is mailed directly to you.

You must be enrolled in the PACE program and have received an Educator's Certificate for the current year.
You must be teaching full-time in a South Carolina public school. The subject is determined when the borrower enters the PACE Program.

Maximum Loan Amounts
PACE Loan Program participants may borrow up to $750 per year, not to exceed a total maximum of $5,000.

Interest Rate If you do not teach, repayment will begin six months after you graduate or cease to be enrolled at least half-time. Effective for loans disbursed on or after July 1, 2013, the interest rate shall equal the Direct Stafford Loan interest rate charged for unsubsidized loans to undergraduate students plus 2%, not to exceed 8.25%.

SC Teacher, Career Changers, and PACE Loan Forgiveness

Borrowers who received a Teachers Loan, Career Changers Loan, or a PACE Loan may be eligible to have portions of your loan indebtedness forgiven.

Teacher and Career Changers Loan Forgiveness Details

Borrowers are eligible for forgiveness when teaching in certain critical geographic and/or subject areas in the SC public school system. This forgiveness is available only to certified teachers and not to teachers' aides or teacher assistants and only to recipients of the SC Teachers or Career Changers Loan.

The loan is forgiven at the rate of 20% or $3,000, whichever is greater, for each full year of teaching in a South Carolina public school in a critical subject or critical geographic area. If you teach in a public South Carolina school in both a critical subject and a critical geographic area, your loan will be forgiven at the rate of 33 1/3% or $5,000, whichever is greater, for each year of full-time teaching. If you have not been teaching for the full academic year, you must have taught a minimum of 76 days to be considered for forgiveness.

Under the Teacher and Career Changer Programs, loan forgiveness is not available for recipients who teach during the same year in which funding is received.

PACE Loan Forgiveness Details

You must be teaching full-time in a South Carolina public school. You must teach at least 152 days to be considered for forgiveness.

Under the PACE Program, loan forgiveness is available for recipients who teach during the same year in which funding is received.

Loan Forgiveness Forms and Instructions

SC Teacher Loan/Career Changers recipients have a two-part deferment/forgiveness process completed by submitting the form below.

First year teaching contract:
If you will be teaching for the first time during the upcoming year, you must submit this form at the beginning of your first year of teaching, but you will only need to complete the Deferment Request, Section A.

If you have completed a year or more of teaching:
Both sections (Deferment and Forgiveness) must be completed if you taught during the past year and also plan to teach during the upcoming year. This form should be completed at the end of each school year.

SC PACE loan recipients are required to complete the one-part form below as each loan is forgiven in the same year in which funding is received.

Teacher Loan Repayment

Make payments, view monthly statements, sign up for paperless billing, and much more using your online account. You can track and update your account 24 hours a day.