Limits the duration of interest accrual on student loans in South Carolina.
This bill amends the South Carolina Code to limit the amount of time that interest may accrue on a student education loan. It specifies that interest can only be charged for a number of years equal to the time the borrower was enrolled in a postsecondary institution, up to a maximum of ten years for a bachelor's degree, ten years for a master's degree, and ten years for a doctorate. This limit applies to private student education loans issued to residents of South Carolina.
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