Skip to main content

Student Loans 

Discover how student loans can support your journey at MUSC with tools and guidance to help you borrow responsibly and plan for repayment. 

Eligibility Requirements

  • Be enrolled at least half-time
  • Show financial need on your FAFSA or Renewal FAFSA need analysis report
  • Not have defaulted on or owe a refund to any previous aid program
  • Maintain satisfactory academic progress

Federal Loan Requirements and Resources

Federal Direct Loans

The William D. Ford Federal Direct Loan Program is a federal student loan program under which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans are types of Direct Loans.

Federal Direct Subsidized Loans are need-based federal student loans available to eligible undergraduate students. Students may receive this loan based on demonstrated financial need, as determined by federal guidelines.

For Federal Direct Subsidized Loans first disbursed between July 1, 2024, and June 30, 2025, the interest rate is 6.533%, and a loan origination fee of 1.057% is deducted from each disbursement before the funds are credited to the student’s account.

The U.S. Department of Education pays the interest on Federal Direct Subsidized Loans while the student is enrolled at least half-time, during the six-month grace period after the student leaves school or drops below half-time enrollment, and during certain authorized deferment periods. Repayment of principal begins after the grace period ends.

Federal Direct Unsubsidized Loans are federal student loans available to undergraduate and graduate students and are not based on financial need. Students may receive this loan if they are ineligible for a Federal Direct Subsidized Loan or have reached their annual or aggregate subsidized loan limits.

For Federal Direct Unsubsidized Loans first disbursed between July 1, 2024, and June 30, 2025, the interest rate is 6.533% for undergraduate students and 8.083% for graduate or professional students. A loan origination fee of 1.057% is deducted from each loan disbursement.

Interest accrues on Federal Direct Unsubsidized Loans from the date of disbursement. The U.S. Department of Education does not pay the interest during periods of enrollment, the six-month grace period, or during authorized deferment or forbearance. Borrowers may choose to pay interest while enrolled or defer interest payments until repayment begins. Any unpaid interest will be capitalized, increasing the total amount repaid over the life of the loan.

Parents of dependent undergraduate students may borrow a Federal Direct Parent PLUS Loan to help cover educational expenses not met by the student’s financial aid. Parents may borrow up to the full cost of attendance minus other financial aid received, as determined by the school. There is no aggregate (cumulative) borrowing limit.

Federal Direct Parent PLUS Loans are the legal responsibility of the parent borrower, not the student. If a student agrees to make payments on the loan but does not do so, the parent remains fully responsible for repayment.

The Parent PLUS Loan is a credit-based federal loan. For loans first disbursed between July 1, 2024, and June 30, 2025, the loan has a fixed interest rate of 9.083%. A loan origination fee of 4.228% is deducted from each disbursement before funds are credited. Interest is not subsidized and begins accruing at the time of disbursement.

Repayment generally begins 60 days after the loan is fully disbursed, and the standard repayment term is up to 10 years. Parent PLUS Loans do not have a standard six-month grace period. However, parent borrowers may request an in-school deferment while the student is enrolled at least half-time, as well as a six-month post-enrollment deferment after the student graduates, withdraws, or drops below half-time enrollment. Parent borrowers may also request deferment if they are enrolled in college at least half-time. Interest continues to accrue during all deferment periods and may be capitalized, increasing the total cost of the loan.

Eligibility for a Federal Direct Parent PLUS Loan is based on a credit check to determine whether the parent has an adverse credit history.

If a dependent student’s parent is denied a Parent PLUS Loan, or the school’s financial aid administrator determines that the parent is likely to be denied, the student may become eligible for additional Federal Direct Unsubsidized Loan funds. Only one parent is required to apply and be denied for the student to qualify for the increased unsubsidized loan limits. If one parent is denied but another parent is approved for a Parent PLUS Loan, the student is not eligible for the increased unsubsidized loan amount.

Federal Direct Graduate PLUS Loans are federal student loans available to graduate and professional students to help pay for educational expenses not covered by other financial aid. These loans are not based on financial need and require the borrower to pass a credit check demonstrating no adverse credit history. 

Borrowing a Graduate PLUS Loan does not reduce eligibility for the Federal Direct Unsubsidized Loan; however, the total amount that may be borrowed in Graduate PLUS Loans is limited to the cost of attendance minus other financial aid received, as determined by the school.

For Federal Direct Graduate PLUS Loans first disbursed between July 1, 2024, and June 30, 2025, the loan has a fixed interest rate of 9.083%. A loan origination fee of 4.228% is deducted from each disbursement before funds are credited to the student’s account.

Interest begins accruing on Graduate PLUS Loans from the date of disbursement. These loans do not have a standard grace period. However, borrowers are eligible for an in-school deferment while enrolled at least half-time and receive an automatic six-month post-enrollment deferment after graduating, withdrawing, or dropping below half-time enrollment. Interest continues to accrue during all deferment periods and any unpaid interest may be capitalized, increasing the total cost of the loan.

Loan Name

Fixed Interest Rate for loans disbursed from July 1, 2022 –June 30, 2023

Fixed Interest Rate for loans disbursed from July 1, 2023 –June 30, 2025

Repayment

Cosigner or Endorser Needed?

Federal Direct Subsidized Loan

4.99% for Undergraduates

5.50% for Undergraduates

Begins 6 months after you graduate or enroll for less than half-time

No.

Federal Direct Unsubsidized Loan

4.99% for Undergraduates 6.54% for Graduates

5.50% for Undergraduates 7.05% for Graduates

Begins 6 months after you graduate or enroll for less than half-time

No.

Federal Direct Parent PLUS Loan

7.54%

8.05%

Begins 60 days after disbursement of funds (qualifies for in-school deferment)

Dependent upon credit decision.

Federal Direct Graduate PLUS Loan

7.54%

8.05%

Begins 6 months after you graduate or enroll for less than half-time

Dependent upon credit decision.

 

 

Maximum Subsidized Amount

Maximum Unsubsidized Amount

Combination Total

Dependent Undergraduates (excluding students whose parents are unable to borrow PLUS)

First Year

$3,500

$2,000

$5,500

Second Year

$4,500

$2,000

$6,500

Third Year and Beyond

$5,500

$2,000

$7,500

Aggregate Loan Limits

$23,000

$8,000

$31,000

Independent Undergraduates and Dependent Undergraduates whose parents are unable to borrow PLUS

First Year

$3,500

$6,000

$9,500

Second Year

$4,500

$6,000

$10,500

Third Year and Beyond

$5,500

$7,000

$12,500

Aggregate Loan Limits

$23,000

$34,500

$57,500

Graduate/Professional Students

Yearly

 

$20,500

 

Aggregate Loan Limits

 

$138,500

 

 

For students in the College of Pharmacy or students in the College of Health Professions seeking a Master in Health Administration (MHA) or Doctorate in Health Administration (DHA), the yearly limits are as follows:

Academic Year Length

Maximum Unsubsidized amount per Academic Year

Additional Unsubsidized Amount per Academic Year

Combination Total

9 Months

$20,500

$12,500

$33,000

10 Months

$20,500

$13,889

$34,389

11 Months

$20,500

$15,278

$35,778

12 Months

$20,500

$16,667

$37,167

 

For students in the College of Medicine or the College of Dental Medicine, the yearly limits are as follows:

Academic Year Length

Maximum Unsubsidized amount per Academic Year

Additional Unsubsidized Amount per Academic Year

Combination Total

9 Months

$20,500

$20,000

$40,500

10 Months

$20,500

$22,222

$42,722

11 Months

$20,500

$24,444

$44,944

12 Months

$20,500

$26,667

$47,167

 

Note: The aggregate limit for the MHA, DHA, COP, COM, and CODM programs is $224,000.

 
 
 
 
 
 
 
 

Health and Human Services Loans

Master Promissory Note and Entrance Counseling are required annually for all Health and Human Services loans. 

The Loans for Disadvantaged Students (LDS) program provides federal low interest loans regulated by the Department of Health and Human Services to eligible dental students. Students must be enrolled full-time, meet “disadvantaged background” criteria, and have demonstrated financial need.

  • Interest Rate: 5%
  • Grace Period: 12 months
  • Special Requirements: Parental data required

Loans for Disadvantaged Students website - College of Dental Medicine

The Nursing Student Loan (NSL) program is a federal loan program provides federal low interest loans regulated by the Department of Health and Human Services to eligible nursing students. Students must be enrolled at least half-time and have demonstrated financial need.

  • Interest Rate: 5%
  • Grace Period: 9 months

Nursing Student Loan Program website - College of Nursing


The Health Professions Loan (HPL) program provides federal loans regulated by the Department of Health and Human Services to eligible dental and pharmacy students. Students must be enrolled full-time and have demonstrated financial need.

  • Interest Rate: 5%
  • Grace Period: 12 months
  • Special Requirements: Parental data required

Health Professions Student Loans website - College of Dental Medicine, College of Pharmacy

The Bold Career Pathway Program is a Nursing Faculty forgivable loan program for graduate nursing students who are interested in becoming Nurse Faculty at a public SC College or University after graduation. The program is offered through a collaboration of The State of South Carolina and the SC Commission on Higher Education (CHE) and administered by the SC Student Loan Corporation. The annual loan limit is $30,000 per year with a lifetime aggregate limit of $90,000.00. For each year of loan assistance received, the recipient must work as a nursing faculty member in a South Carolina public institution of higher education for two (2) years up to a maximum of six (6) years.

BOLD™ Nursing Faculty Program | South Carolina Student Loan

Private and alternative education loans

Private and alternative loans help cover the gap between your cost of attendance and the federal loan limits. These loans are offered by private lenders and do not require federal forms such as the FAFSA. Approval is based on creditworthiness.

Interest rates and fees are based on creditworthiness, which may include both your credit score and your cosigner’s score. Applying with a cosigner, especially one with strong credit, can improve your chances of approval and may help you qualify for a lower interest rate. Lenders evaluate credit differently, so some may consider the higher of the two scores, while others use different underwriting methods.

Credit checks are typically valid for 90–120 days, so students should avoid applying more than three months before their term starts.

Suggested application timeframes

To avoid delays and ensure credit checks remain valid, students are encouraged to apply by:

  • June 1 for Fall
  • October 1 for Spring
  • February 1 for Summer

Applying by these dates helps ensure timely loan processing and disbursement.

Historical private loan lenders

Students are free to choose any eligible lender for their private or alternative student loans. The Medical University of South Carolina Office of Student Financial Aid will process loans from the lender you select. Students are strongly encouraged to use all available federal loan options first, as federal loans typically offer important benefits such as consolidation, service cancellations, military repayment programs, and capped interest rates. For more information on rules governing lender recommendations, students may review the Student Loan Sunshine Act, which restricts how institutions may endorse or promote specific lenders.

Residency and Relocation Loans

Medicine, Dental Medicine and Pharmacy students in their fourth-year or students that have graduated within the past 12 months of these programs may apply for additional loans for Residency Interviews and Relocation through the lender of their choice.

Residency and Relocation loans are private loans which typically have higher interest rates and may cost you more than other loans. These loans may cover expenses such as:

  • Interview travel and lodging
  • Residency application fees
  • Board exam review courses and fees
  • Board review textbooks and study guides
  • Medical Instruments
  • Internship expenses
  • Moving and shipping costs from Charleston to relocate to residency location.

Residency and Relocation loans do not count toward the Cost of Attendance (COA), when calculating a student’s budget and are not certified by the Office of Student Financial Aid. However, the lender will require enrollment verification from the Registrar’s office.

View a list of historical lenders

In accordance with the Student Loan Sunshine Act, students may review a list of lenders historically used by MUSC students over the past five academic years (2020-2025) through ELM Select. This information is offered solely to help you begin evaluating potential lenders and does not represent all available options. The list is presented alphabetically, and no preference or endorsement should be inferred.

Begin your lender search

Returning unneeded loan funds

Managing student loans responsibly includes returning any unneeded funds to minimize debt. The following are guidelines for students on returning surplus federal and private loan funds.

If you anticipate having unneeded funds for a future disbursement (not applied to your tuition bill yet), complete the Loan Adjustment Request Form in the student portal to cancel or reduce the upcoming disbursement at least fifteen days before your semester begins.

Within the first 120 days of when the loan was disbursed to your tuition account, a school may return unneeded Federal Direct Loans back to the government on a student's behalf. Funds returned within this timeframe will have interest accrual and loan fees eliminated. However, it may take up to two weeks for a return request to be fully processed and returned, so MUSC's practice is to ask students who wish for MUSC to return excess loans on their behalf to submit the form linked below within 106 days of disbursement.

Students may, of course, return funds on their own at any time but loans returned directly by students to their loan servicer are not reflected in a student's updated award letter, and any loans returned after 120 days will still incur interest and fees.

  1. Complete the Loan Adjustment Request Form in the student portal.
  2. Your loans will be returned to the lender.
  3. Plan ahead. Please do not wait until the last minute to submit your Loan Adjustment Request Form. Allow up to two weeks for processing the returned loan funds through the school.

Borrowers of private loans should contact their Lender directly on their specific procedure of returning unneeded loan funds to them.

Contact the Office of Student Financial Aid

MSC 203
Harper Student Center
45 Courtenay Dr, Fl 3
Charleston, SC 29425-8917

Hours of Operation: Monday-Friday, 8:00 am-4:30 pm

Phone: 843-792-2536

Email: finaid@musc.edu

Visit the Student Portal to find your Financial Aid Advisor under Advisors.

Get Directions