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