South Carolina ranks among the worst states for student debt
Students and graduates across South Carolina have racked up the fifth-most debt on average, according to a new study.
The study, conducted by business research firm AdvisorSmith, used student loan data available from the U.S. Department of Education for 50 states and Washington, D.C.
The data shows that South Carolina — home to the Clemson Tigers and University of South Carolina Gamecocks — outpaces nearly all fellow southern states by accumulating an average of $38,662 in student loans per person, surpassing the nationwide average.
Erasing or forgiving student loans has increasingly become a hotly debated item on the national political stage, as young professionals are often burdened with debt from increasing tuition rates as they attempt to enter and navigate a workforce and find affordable housing.
Nearly 43 million borrowers nationwide have student debt, according to the study, making up nearly 13% of the nation’s population. The average loan debt per student in the country is $37,105.
Washington, D.C., students accumulated the most debt on average with $55,077, the data show, while North Dakota saw the lowest average balance with $29,446.
The only southern state with more debt that South Carolina was Georgia, ranking third with an average of $41,843 in loans. North Carolina is 10th with $37,861 per student on average.
When it came to the percentage of state residents with the most debt, South Carolina also ranked 10th. An estimated 14% of the state’s population has student debt. Again, only one southern state — Georgia — had more, with 15%.
Washington D.C. again topped that list with its 16% population in debt.
Here are the top 10 places in the country with the most student debt:
- District of Columbia — $55,077
- Maryland — $43,219
- Georgia — $41,843
- Virginia — $39,472
- South Carolina — $38,662
- Florida — $38,481
- Vermont — $38,411
- New York — $38,107
- Illinois — $38,071
- North Carolina — $37,861
This story was originally published August 25, 2021 at 11:28 AM.