The bill H. 3413 aims to amend the South Carolina Code of Laws by introducing a new part to Chapter 3, Title 37, which specifically addresses the duration of interest accrual on student education loans. It defines "student education loan" as debt incurred primarily for personal use to finance postsecondary education, excluding loans secured by real estate. Additionally, it clarifies who qualifies as a "student loan borrower," including residents of South Carolina who have taken out such loans or those who share repayment responsibility.

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 relevant postsecondary institution. Furthermore, it sets a maximum limit of ten years for interest charges on loans for bachelor's, master's, and doctorate degrees, or the duration of enrollment, whichever is shorter. This legislation is designed to provide relief to borrowers by limiting the time they are subject to interest charges on their student loans. The act will take effect upon the Governor's approval.