by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Spartanburg Methodist College, including completion-adjusted borrowing and a standard repayment estimate. These figures are reported by the Department of Education and IPEDS.
At SMC specifically, 47% of first-year students take on loan debt, at roughly $4,913 each — a figure that counts both private and federal student loans.
The typical federal loan comes to $4,663, representing 84.8% of the $5,500 federal limit that applies to a typical first-year dependent borrower. Note that average undergraduate loan amounts shown later do not include private loans — so the full freshman figure above is not directly comparable.
For undergraduates overall at SMC, 46% take out federal student loans, with a mean of $5,182 in federal loans per year. This works out to 11.1% more than the $4,663 typical freshmen borrow.
Carrying that yearly figure forward comes to roughly $10,364 across two years and $20,728 after four. The estimate holds federal borrowing constant and does not count private or Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 46% |
| Average federal loan per year | $5,182 |
| Undergraduates with a federal loan | 480 |
| Total federal loans (one year) | $2,487,522 |
The middle borrower at SMC owes $7,500 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $7,500 |
| Students who completed (graduates) | $12,000 |
| Students who withdrew | $5,500 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.
Half of all borrowers fall between the 25th and 75th percentiles shown below for SMC.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $2,750 |
| 25th percentile | $4,750 |
| 75th percentile | $12,000 |
| 90th percentile (highest-debt students) | $12,600 |
The gap between the 10th and 90th percentile is the clearest single measure of how widely borrowing varies at SMC.
PLUS loans — taken out by parents or graduate students — add to the total cost of attendance financed by debt at SMC.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 132 | $8,000 |
| Completed (graduates) | 57 | $8,600 |
| Did not complete | 75 | $7,595 |
On a standard 10-year plan, the median completing borrower would pay about $102.26/mo.
Repayment burden translates the debt figures into what a borrower actually pays each month. SMC.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. The federal two-year cohort default rate for SMC appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 12.3% |
| Borrowers in the cohort | 323 |
A lower default rate generally signals that graduates earn enough to manage their loan payments.
The breakdowns below show median federal debt by income, first-generation status, and dependency.
Borrowing by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $8,250 |
| Middle income | $6,329 |
| High income | $7,560 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $6,979 |
| Continuing-generation students | $8,761 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $7,407 |
| Independent students | $9,488 |
Federal data publishes the following gap measures for SMC.
Subsidized vs. Unsubsidized Loans
Unsubsidized federal student loans accrue interest every month — even while you are still enrolled. Unless you pay that interest as it builds, the balance you owe at graduation can be noticeably higher than the amount you originally borrowed.
Important to Remember
Declaring bankruptcy does not erase federal student loan debt. If you stop paying, the federal government can garnish a portion of your wages until the loans are repaid.
References
More about our data sources and methodologies.