• South Carolina Teachers Loan Program Scholarships

    Scholarship Amount:  $2,500

    Criteria:  If you are interested in becoming a teacher, you could borrow money and pay it back by teaching after you have received your teaching degree and certificate.

    Website: www.scstudentloan.org/students/

    Application Deadline: April 15th

    Information:

    The South Carolina Teachers Loan Programs were established by the State of South Carolina to help talented and qualified students become teachers.  Funding for the SC Teachers Loan Program, SC Career Changers Loan Program, and the SC Program of Alternative Certification for Educators (PACE) is limited and subject to change,so apply early. You may only receive funding from one of these programs per year.

    Select each of the options below to learn more:

    The SC Teachers Loan and Career Changers Loan may be forgiven if the applicant teaches in a South Carolina public school in a critical subject or critical geographic area.  To begin the process, simply download and complete the SC Teachers/Career Changers Loan application.  The priority filing deadline is April 15. 

    APPLICATION FORMS WEBLINK:

    http://www.scstudentloan.org/students/downloadforms.aspx

    Eligibility Requirements

    To be eligible for the SC Teachers Loan:  

    • You must complete an application and sign a promissory note.
    • 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 accredited 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.
    • 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 I Exam.  Students with an SAT score of 1100 or greater (1650 or greater for exams taken on or after March 1, 2005) or an ACT score of 24 or greater are exempt from the Praxis I requirement.
    • 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. 
    • You must be seeking initial certification in a critical subject area if previously certified to teach.

     

    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 $5,000 per year. The aggregate maximum is $20,000 for undergraduate and graduate students.

    Loan Forgiveness (SC Teachers Loan and SC 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.

    The subject areas which are critical at the time you apply, or later, will be honored for forgiveness when you begin teaching. A critical geographic area must be officially critical at the time of your employment.

    Interest Rate

    If you do not teach, repayment will begin six months after you graduate or cease to be enrolled at least half time.  The interest rate will equal the maximum interest rate on the Federal Stafford Loan, plus 2% (currently 8.8%).