Federal student loan debt statistics in South Carolina
$28.1 billion – The total student loan debt owed by residents of South Carolina is $28.1 billion
This is the 20th-highest amount of any state in the country
The average amount owed by South Carolina residents is $38,414 – the 6th largest average amount owed in student loan debt by residents of any state
731,500 residents of South Carolina have some form of student loan debt
While this is the 22nd most in the country, South Carolina has the 6th highest percentage of its population with student loan debt
14.09% of South Carolina residents have student loan debt
51.80% of borrowers are under the age of 35
How much student loan debt does the average South Carolina resident have?
South Carolina residents have the 6th-highest average student loan debt in the country at $38,414
This is $627 above the national average of $37,787
14.70% of South Carolina residents owe less than $5,000 – this is the 7th lowest that owe this much in the country
22.20% owe between $20,000 and $40,000 – the 20th most in the country
2.20% owe more than $200,000 – this is 16th most in the country
How much do South Carolina residents borrow each year?
42.50% of undergraduates in South Carolina take out student loans each year
This is the 11th-highest proportion of undergraduates taking loans in the country
24.70% of students at 2-year colleges take student loans – the 19th highest in the country
They are awarded $5,472 per year on average towards their living costs and tuition fees
51.10% of undergraduates at 4-year colleges take student loans in South Carolina
This is the 9th highest amount in the country
They are awarded $6,988 per year on average – the 13th highest in the country
State-level financial aid for students in South Carolina
South Carolina spends the 9th most of any state in the USA on student financial aid
In total, the state spends $421.3 million per year
This works out at $3,052 per undergraduate student – the most in the country of any state
Despite having the 9th largest spend in the country and spending the most per undergraduate student, South Carolina only spends 0.31% of the state GSP (Gross State Product) on student financial aid
This is 43rd most in the country
Of the $421.3 million spent on financial aid, South Carolina only gives out $71.6 million in the form of needs-based grants that do not need to be repaid
The remaining $349.7 million is dispersed through other programs – some of which may require repayment in future
