Preferred Lender List with table information

 

 

 

South Carolina Student Loan Corp

(800) 347-2752

Lender Code: 833128

 Guarantor Code:     745- SC State Assistance Authority

Servicer: SCSL

 

Bank of America

Student Lending

  (800)344-8382

 Lender Code:  832733 Guarantor Code: TG 748           
Servicer: Great Lakes Education Loan Services

 

Wachovia Education Finance

(800) 404-8749

Lender Code:  83005   Guarantor Code:
TG-748        Servicer:Wachovia

 

 

Nelnet Student Loan Corp

  (888) 486-4722

Lender Code: 833669
Guarantor Code:
TG-748

  Servicer: Nelnet

 

 

Federal Default Fee:

 

0%

 

 

0%

 

 

0%

 

 

Up to 1.5%

 

 

10 yr Default Rates:

 

 

2.4%

 

Pending%

 

6.1%

 

 

 

5.20%

 

Origination Fees:

 

0%

 

 

Up to 1%

 

 

Up to 1%

 

 

Up to 1.5%

 

 

Stafford Loans Repayment Options:

 
  • .25% interest rate reduction with automatic monthly bank draft.

 

  • 2% interest rate reduction on Stafford Loans made on or after July 1, 2006 for 36 consecutive, on-time monthly payments.

 

  • 1% interest rate reduction on Consolidation Loans after 36 consecutive, on-time monthly payments.

 

  • .5% interest rate reduction on Consolidation Loan payments with automatic monthly bank draft.

 

 
  • .25% interest rate deduction for Checking or Savings Account Customers

 

  • The reduction applies for the life of the loan. Once the borrower earns the benefits it is not removed for any reason.

 

 

 
  • 1.00% rebate of original principal balance at beginning of repayment

 

  • 1.00% rebate of original principal balance after the first 12 consecutive on-time payments

 

  • 1.50% rebate of original principal balance after the first 24 consecutive on-time payments

 

  • 1.75% rebate of original principal balance after the first 36 consecutive on-time payments

 

  • 1.75% rebate of original principal balance after the first 48 consecutive on-time payments
  • 1.00% interest rate reduction for auto-debt payments

 

  • 3.33% principle reduction after 30 on time payments

 

 

Forgiveness Programs:

 

 

  • Teacher Loan Forgiveness Program - available at the State and Federal level for teaching in a critical subject or geographic area.

 

  • Graduation Incentive Program:

Earn your degree and make on-time payments for forgiveness on a final portion of your loan:

$250 for an Associate's Degree; $500 for a Bachelor's Degree; and $750 for a Graduate or Professional Degree.

 

  • Military Forgiveness - expires 6/30/07 - a credit of up to $2500 for active duty service in the war on terrorism between 9/11/01 and 12/31/06

 

 

 

  • Teacher/  Childcare Loan Forgiveness Program

 

  • Teacher Loan Forgiveness Program

 

Customer  Service

 

Every effort is made to reach the borrower by telephone. However, if we are unable to contact the applicant, a follow up request is mailed. After 15 days a reminder postcard is sent to the borrower.

 

Calls Answered within 25 seconds, Student and parent inquires are responded to within 24 hours of receipt of voice mail.

 

Callers can opt to speak with a representative; the average hold time is 30 seconds. If the caller left a message, the call return time is 24 hrs.

 

90% of on-line chats answered in 10 seconds. Emails within 4-6 hrs during the week. Average response to inquiries within 24 hrs.  24 hr custom service system.