What are the eligibility requirements?
An applicant for a PAL ReFi must:
- Be in a grace period or post-enrollment repayment status and in good standing on all education loans being refinanced.
- Be a U.S. Citizen, national or permanent resident of the U.S.
- Be employed (see Borrower Instructions).
- Be creditworthy.
- Be a SC resident.
- Not be incarcerated.
- Include at least one external eligible education loan not currently held by SCSL.
(Federal and Private loans are eligible to be refinanced, however be aware that benefits associated with these loans will no longer apply)
- Be the named borrower on the loans being refinanced (i.e., not the cosigner).
- Have a minimum of $10,000 and a maximum of $150,000 in loans (includes all outstanding PAL loans for the borrower).
An applicant for a PAL ReFi may:
- Utilize a cosigner, who is at least 24 years old, if it will strengthen your application. Cosigner approval is at the sole discretion of SCSL.
Applications including a cosigner may not be submitted electronically.
Go to www.PALRefi.org to download and print PAL ReFi Application/Promissory Note, Cosigner Addendum, and Notice to Cosigner.
Applications may be subject to additional underwriting requirements as determined by SC Student Loan.