COLUMBIA — The University of South Carolina’s debt load will more than double over the next four years as it embarks on a massive construction spree, which includes a revamp of the student center, new dormitories and football stadium upgrades.
Debt taken on to build those projects is expected to peak at $1.7 billion in 2030, chief accountant Mandy Kibler told the university system’s governing board Friday. In that year, the school expects to make $140 million in principal and interest payments on that debt, compared to the $60 million in annual payments it’s making now.
In all, this takes up about 80% of the school’s operating revenue, Kibler said.
But Kibler tried to put trustees at ease about the increase, saying the university spent years preparing for this moment…