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S 94

SC Education Bank Act

2025-2026 Regular Session Introduced by Jeffrey Graham and 1 co-sponsor

S 94 - SC Education Bank Act OverviewBill Number: S 94 Title: SC Education Bank Act Status: Scrivener's error corrected Introduced: January 15, 2025 Purpose and IntentThe SC Edu

Scrivener's error corrected
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Bill Summary · S 94

S 94 - SC Education Bank Act

Overview

Bill Number: S 94
Title: SC Education Bank Act
Status: Scrivener's error corrected
Introduced: January 15, 2025

Purpose and Intent

The SC Education Bank Act aims to establish a state-run bank that would provide low-interest loans and financial services to South Carolina residents pursuing higher education. The primary goal is to make college and vocational training more accessible and affordable for students from all socioeconomic backgrounds.

Key Provisions

  • Creates the "South Carolina Education Bank" as a public financial institution operated by the state government
  • Authorizes the Education Bank to offer the following services:
    • Low-interest student loans for tuition, fees, housing, and other qualified educational expenses
    • Refinancing options for existing student loan debt
    • Savings accounts and investment products tailored for educational funding
    • Financial literacy programs and counseling for prospective and current students
  • Requires the Education Bank to maintain interest rates at least 2 percentage points below the federal student loan program
  • Provides an initial $500 million in state funding to capitalize the Education Bank's operations and loan portfolio
  • Establishes an independent board of directors to govern the bank's policies and lending practices

Affected Parties and Impacts

The SC Education Bank Act would primarily benefit South Carolina residents seeking to obtain a college degree, vocational certification, or other post-secondary credential. By offering more affordable financing options, the bill aims to increase college enrollment and completion rates, especially among low-income and underrepresented students.

The bill may also have a positive economic impact on the state by improving educational attainment and reducing the debt burden on graduates, potentially enabling them to more easily start businesses, purchase homes, and contribute to the local economy.

Procedural and Timeline Considerations

The SC Education Bank Act was introduced in the South Carolina Senate on January 15, 2025. After a scrivener's error was corrected, the bill is now moving through the legislative process. It must pass both the Senate and House of Representatives before being signed into law by the governor. If enacted, the state would have 12 months to establish the Education Bank and begin offering services to students.

Compiled from official sources — confirm details with the bill’s official record.

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