The bill H. 3413 aims to amend the South Carolina Code of Laws by adding a new part to Chapter 3, Title 37, which addresses the duration of interest accrual on student education loans. It defines "student education loan" as debt incurred primarily for financing postsecondary education and outlines who qualifies as a "student loan borrower." The bill stipulates that the interest on private student education loans can only be charged for a duration equal to the time the borrower was enrolled in the educational institution, with specific caps of ten years for various degree levels (bachelor's, master's, and doctorate).

Additionally, the bill establishes that interest cannot be charged for more than ten years for each degree type or the duration of enrollment, whichever is shorter. This legislative change is intended to provide relief to student loan borrowers in South Carolina by limiting the time they are subject to accruing interest on their loans. The act will take effect upon approval by the Governor.