SC Education Oversight Committee Report Recommendation Applied in New Teacher Loan Refinancing Proviso
COLUMBIA, S.C. — A budget proviso in the FY 2026-27 state budget that allows certified South Carolina public school teachers to refinance their student loans reflects a recommendation of the SC Education Oversight Committee's (EOC) SC Teacher Loan Program 2023-2024 report, approved by the EOC in fall 2025.
“We are pleased that this budget proviso is now operational. The annual report of the SC Teacher Loan Program provided evidence that informed action, and our hope is that SC teachers will see this as a source of help and an opportunity to remain in the classroom. ” said EOC Executive Director Dana Yow.
The EOC is required by law to annually evaluate the SC Teacher Loan Program, which is designed to provide debt-free opportunities for young people and career changers to become teachers in SC schools. In the 2023-2024 report, the EOC reported that the Revolving Loan Fund had a surplus of more than $20 million dollars from borrowers in loan repayment status.
The report recommended directing these funds from the Teacher Loan Program's Revolving Loan Fund to refinance student loan debt for certified teachers employed in SC public schools, and for loan forgiveness for teachers in certain districts, based on teacher vacancies and/or the number of uncertified teachers in their subject area.
The proviso directs that “up to $10 million from South Carolina’s Teacher Loan Program will support certified public school teachers, with $5 million for refinancing student loan debt statewide, and $5 million for loan forgiveness in high-vacancy districts with 10% or higher teacher vacancy rates per the 2024–25 Teacher Supply and Demand Report.”
The EOC’s Education Improvement Act subcommittee also recommended funding 20 additional Teaching Fellows scholarships at $24,000 for four years, and increasing the scholarship amount from $6,000 to $10,000.
It was also recommended to invest in a teacher career ladder, instructional materials and instructional support.
This year’s SC Teacher Loan Program’s full report, will come before the EOC on October 26 is available at this link.
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