Types of Financial Aid


Subsidized loans means the government pays the interest while you are in school, and you must have financial need to be eligible for the loan.  Subsidized loan limits are:  Freshmen (0-27 hrs) $3,500; Sophomores (28-57 hrs) $4,500; and Juniors and Seniors (58+ hrs) $5,500. There is an 1.059% loan origination fee required by federal law.

Unsubsidized means you pay all the interest, although you can have the payments deferred until after graduation.  The interest is added to your loan balance.  Dependents students are only eligible for this loan when a parent receives a Parent/PLUS denial.  Unsubsidized loans limits are:  Freshmen and Sophomores (0-57 hrs) $6,000; and Juniors and Seniors (58+ hrs) $7,000. These loans have variable interest rates, capped at 8.25% or less, depending on the year rates.

The FAFSA must be completed in order to receive a federal loan.  No credit checks are required for these loans, and interest rates are low.  Applicant must be a U.S. citizen, not be in loan default, and does not owe a refund on educational grants.

New recipients are required to complete entrance counseling and a master promissory note prior to the certification and disbursement of any federal loan.  Online counseling is available at https://studentloans.gov. We must have confirmation that you have completed the loan entrance prior to certifying Stafford loans.


The South Carolina Teachers Loan program was designed to encourage students to enter the teaching profession.  Loan amounts for this program are: $2,500 per year for Freshmen and Sophomores; and up to $5,000 for other students.  Students can borrow up to $20,000 cumulative maximum.

The Career Changes Loan Program was designed to assist individuals wishing to change careers and enter the teaching profession.  Students may borrow up to an annual amount of $15,000, not to exceed $60,000 cumulative maximum.

Eligibility requirements and other vital information concerning this program can be found at: http://www.scstudentloan.org

If the graduate teaches in a critical need area, their loan can be forgiven at a rate of 20% each year.  If the graduate teaches in both a critical subject and geographical area, their loan can be forgiven at a rate of 33.3% each year of full-time teaching.

Funding is limited and applications are available in late February to early March for the following academic year beginning in August.  The application deadline is June 1st.  Call the office to receive an application or apply online at:  www.scstudentloan.org/wp154-01.aspx.

The FAFSA is not required to apply for this loan.


The Parent (PLUS) Program is designed to help credit-worthy parents of dependent students pay educational expenses.  If a parent’s PLUS pre-screen is denied based on the required credit check, their student will be eligible for a Stafford Unsubsidized loan.  There is a 4.236% loan origination fee required by federal law. To determine if you are eligible for a PLUS loan and for more information please refer to the following website:  http://studentloan.gov.

PLUS loans have variable interest rates capped at 10.5%.  Repayment begins 60 days after the funds are fully disbursed.  The FAFSA is required.  If the FAFSA has been filed, the maximum amount allowable for an approved PLUS loan can be determined by contacting your financial aid counselor.  Applicants must be a U.S. citizen.

Coker University will send a permission to certify letter to the parent after receiving notification that the PLUS credit decision was approved.  When the College receives the completed permission to certify letter from the parent, the College will certify the loan.  It will be the responsibility for the parent to complete all promissory notes, self-certification forms, etc. with the lender. Parents approved for a PLUS loan with an adverse credit history will be required to complete the Parent PLUS Counseling located at http://studentloans.gov.


Alternative loans are used to pay for tuition, fees, books, room and board, supplies, and transportation related to educational expenses.  Alternative loans can not exceed a student’s maximum allowable cost of attendance as designated by the financial aid office.

The interest rate is variable based on prime rate, adjusted quarterly, throughout the life of the loan.  Unpaid interest that accrues while the student is in school will be capitalized and added to the principal when the student enters repayment.

The FAFSA is not required.  If the FAFSA has been filed, the maximum amount allowable for an approved alternative loan can be determined by contacting your financial aid counselor.  Dependent students will require a viable co-signer.  Some independent students may require a viable co-signer.

You may view, learn about, and select an alternative loan lender at the following FASTChoice site address.   Alternative loan lenders listed were included on the site due to lender willingness to work with our students, providing excellent customer service, and providing viable and federally regulated information to our students.  


(Effective for loans disbursed between July 1, 2019 through June 30, 2020.)

Subsidized Student Loan
(also rate during in-school and grace periods)
4.53% fixed
Unsubsidized Student Loan – Undergraduate
(also rate during repayment)
4.53% fixed
Unsubsidized Student Loan – Graduate
(also rate during repayment)
6.08% fixed
(also rate during repayment and deferment)
7.08% fixed

Student Loan Sunshine Act


*Graduation rate based on 2017-2018 figures.
* Retention rate based on 2017-2018 freshmen to 2018-2019 sophomore full-time enrolled results.
**For Year 2015–information provided by Federal Student Aid, U. S. Department of Education.
***For Year 2016-2017 figures based on four-year private, non-profit estimate through the studentloans.gov repayment estimator.
****For Year 2016-2017 borrowed average undergraduate amount in federal student loans, grants or scholarships, and Pell grants per the National Center for Education Statistics, College Navigator.