College students and graduates in South Carolina will likely be paying off hefty student loan bills now that a new study revealed the state ranks fifth in the nation when it comes to average student loan debt.
AdvisorSmith, a business research firm, used student loan data from the U.S. Department of Education to compile a ranking of all 50 states and Washington, D.C., by average student loan debt balance.
“A lot of things contribute to this pathetic figure – university costs risking faster than inflation because of reduced state contribution + too many/too expensive administrators + too many expensive buildings, + changed expectations of student lifestyle,” Lynn S. Teague, South Carolinian and self-proclaimed citizen advocate, wrote in an Aug. 29
tweet.
According to The State, South Carolina’s average $38,662 in student loan debt per student surpassed almost every other southern state and the national average.
The study found almost 43 million borrowers across the country have student loan debt, which is about 13% of the U.S. population, with an average loan debt of $37,105 per student, The State reported.
Student loan balances have seen a drastic increase and have nearly doubled since 2007, when the average balance was $18,233.
AdvisorSmith also found the number of Americans that have outstanding student loan debt jumped from 9% to 13% during the same time period.
