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, excluding loans secured by real estate. Additionally, it defines "student loan borrower" as a resident of South Carolina who has taken out a student education loan or shares responsibility for repaying such a loan.

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 postsecondary institution, with specific caps of ten years for bachelor's, master's, and doctorate degrees. This means that borrowers will not be charged interest for more than ten years, or for the duration of their enrollment, whichever is shorter. The act will take effect upon approval by the Governor.