4 SC areas have among most student debt burden in US, report shows. Here’s where, how much owed

College and higher education are a privilege that not everyone gets to experience, but it is also one of the biggest financial burdens a person can have. In fact, student loans are the second-largest type of household debt after mortgages.

In the U.S., student loan debt totals approximately $1.8 trillion, according to the Education Data Initiative, a research website that regularly tracks the U.S. education system’s data.

Federal student loans represents 90.9% of all student loan debt, and the average federal student loan debt balance is $39,547, while the total average balance, including private loan debt, may be as high as $43,333.

Student debt isn’t spread equally across each state, either. Some areas have borrowers who are more overleveraged than others.

WalletHub, a personal finance company, recently released a study showing which parts of the U.S. have the largest amount of student debt.

“College has become much more expensive over the past few decades, with cost increases far outpacing inflation,” said Chip Lupo, a WalletHub analyst. “When you combine that with relatively high interest rates, it’s no wonder that the U.S. has so much student debt.”

Four South Carolina areas appeared on the ranking, and two were in the top 10.

SC areas with most student debt

To determine where borrowers are burdened the most, WalletHub compared the median student-loan balance against the median earnings of adults ages 25 and older with a bachelor’s degree in more than 2,500 U.S. cities.

Here are the SC areas that made it on the ranking:

#2. Orangeburg

• Median student debt: $27,493
• Median earnings of bachelor’s degree holders: $36,979
• Ratio of student debt to median earnings of bachelor’s degree holders: 74.35%

#7. Murrells Inlet

• Median student debt: $30,560
• Median earnings of bachelor’s degree holders: $46,250
• Ratio of student debt to median earnings of bachelor’s degree holders: 66.08%

#14. Walterboro

• Median student debt: $26,109
• Median earnings of bachelor’s degree holders: $40,469
• Ratio of student debt to median earnings of bachelor’s degree holders: 64.52%

#26. Ladson

• Median student debt: $28,221
• Median earnings of bachelor’s degree holders: $47,697
• Ratio of student debt to median earnings of bachelor’s degree holders: 59.17%

Resources for SC borrowers

Having student loans can make you feel overwhelmed, but there are resources to help you find relief options. Here are some resources SC borrowers can use to help reduce their debt:

• Visit the Federal Student Aid website for information on how to repay your loans, loan consolidation, forgiveness and discharge, and more
• South Carolina Legal Services provides free legal information on how to repay student loans, financial education, financial aid scams and more
• South Carolina Student Loan has a list of careers that can get additional loan forgiveness.

In most cases, student loans must be repaid and cannot be fully discharged in bankruptcy, so it’s important to stay ahead of them and get help if needed.