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Furman Home Page / Parents / Financial Aid / Alternative Loans
Alternative Loans
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ALTERNATIVE LOANS (non-federal)
Furman students and parents often wish to or need to borrow non-federal educational loans, called alternative or private loans to help with college expenses. Numerous lending institutions offer educational loans, which may be combined with federal loans up to the cost of attendance. To review information about alternative loan products which our students have used and from whom have had very good service, click this link: Private Educational Loans Frequently used by Furman Students.
• If you must borrow, we advise students and parents to fully utilize federal
educational loans and the monthly payment plan before borrowing under
the private or alternative educational loan programs.
• Be very careful about responding to any unsolicited loan material/information
you receive in the mail or via email. Colleges and universities can be one of
your best resources for information on alternative loans, so please contact us
before responding to "Direct-to-Consumer" marketing materials from lenders.
• All private educational loans that are not certified by Furman must be reported
to our office so that we may account for that funding in the financial aid package.
This is per U.S. Department of Education guidance.
Remember that you may choose any alternative loan lender you wish. Please research each product fully. If you have any questions or have any problems, please contact us.
South Carolina Teachers Loan
The South Carolina Teachers Loan was established by the State of South Carolina in 1984 to entice talented and qualified students into the teaching profession. This loan is cancelled at the rate of 20% or $3000, whichever is greater, for each year of full-time teaching in a critical subject or in a depressed geographical area as designated by the Sate of South Carolina. If you teach in both a critical subjects and a geographic area simultaneously, your loan is cancelled at the rate of 33.3% or $5000, whichever is greater, for each year of full-time teaching. Based on your year in school, a freshman or sophomore can receive up to $2500 per year, and a junior, senior, or graduate student can receive up to $5000 per year.
South Carolina Teachers Loan for Career Changers
The South Carolina Teacher Loan for Career Changers was established to give individuals in the State of South Carolina an opportunity to enter the teaching profession. This loan is cancelled at the rate of 20% or $3000, whichever is greater, for each year of full-time teaching in a critical subject or in a depressed geographical area as designated by the Sate of South Carolina. If you teach in both a critical subjects and a geographic area simultaneously, your loan is cancelled at the rate of 33.3% or $5000, whichever is greater, for each year of full-time teaching. Qualified students may borrow and annual amount of $15,000 per year, up to a cumulative amount of $60,000.
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