South Carolina Student Loan Administrator outlines $5M in grants for higher education support

The South Carolina House Education and Public Works Committee's Higher Education Subcommittee meeting on February 27, 2025, spotlighted significant advancements in student loan programs aimed at enhancing educational access and teacher retention in the state.

A key highlight was the ongoing success of the South Carolina Teacher Loan program, which has been administered for over 40 years. This forgivable loan initiative supports individuals pursuing teaching careers in critical areas, allowing them to have their loans forgiven upon completion of their service. The program has helped approximately 500,000 students access higher education, totaling around $9 billion in loans.

In addition to traditional loan offerings, the committee introduced a new initiative called the Persistence Fund, which aims to address non-traditional educational costs that often hinder student completion rates. This fund will provide $5,000 grants to all 57 public and private non-profit colleges and universities in South Carolina, helping students cover unexpected expenses like childcare.

The meeting also discussed the BOLD Career Pathway program, designed to create a talent pipeline between employers and students. This initiative allows employers, such as hospital systems, to fund students' education in exchange for a commitment to work with them post-graduation, effectively serving as an alternative to traditional loan forgiveness.

Furthermore, a new teacher loan refinance program was proposed to improve teacher retention, reflecting the committee's commitment to supporting educators in South Carolina. The program aims to alleviate financial burdens on current teachers, ensuring they remain in the profession.

As these initiatives unfold, the committee expressed optimism about their potential impact on educational outcomes and workforce development in South Carolina, emphasizing the importance of responsible borrowing and financial counseling for students and families.