South Carolina Student Loan Debt and Financial Aid Statistics

South Carolina Student Loan Debt and Financial Aid Statistics

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 total student loan debt 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 places South Carolina in between Florida and Illinois
  • 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