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Furman Home Page / Parents / Financial Aid / Alternative Loans
Alternative Loans
ALTERNATIVE LOANS (non-federal)
Alternative loans are through a lending institution and not part of federal government programs. Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted. Be sure you have applied for all available scholarships, grants, work-study, and federal loan programs offered by Furman University before borrowing from an alternative loan program. Alternative loans are in the student's name and a co-signer is usually required. Once a complete application has been received, the lender will perform a credit check and will let you know within approzimately five days if your application has been approved.
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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