The South Carolina Teachers and Career Changers Loan programs are available to South Carolina residents who wish to teach after graduation. Loans may be forgiven after completion of a service commitment to a critical need subject or geographical area. Applications are generally available in February each year. The priority deadline for the application is April 30. Due to limited funding, it is best to apply early.
Annual and Aggregate Loan Limits
For the S.C. Teachers Loan, freshmen and sophomores may borrow up to $2,500 per year. Juniors, seniors and graduates may borrow up to $5,000 a year. The aggregate or overall amount that can be borrowed is $20,000 for both undergraduate and graduate students.
The Career Changers Loan program is more lenient in the amount that can be borrowed. Career Changers Loan recipients may borrow up to $15,000 per year. The aggregate or overall amount that can be borrowed is $60,000.
South Carolina Teachers and Career Changers loans are forgiven at the rate of 20 percent or $3,000 for each full year of teaching at a South Carolina public school in a critical need subject or geographical area. If you teach in both a critical subject and a critical geographical area in South Carolina, your loan will be forgiven at 33 1/3 percent or $5,000 for each full year of teaching. If you do not teach, the loan must be repaid, and repayment will begin six months after you graduate or are no longer enrolled. The interest rate is the same as the interest rate for a direct additional unsubsidized loan plus two percent, not to exceed 8.25 percent.