In many states, including South Carolina, school choice is being discussed as perhaps the best way to both improve student achievement and spend education dollars more efficiently. The evidence from the 12 school choice programs currently running around the country is that the increased competition among public and private schools leads to more successful students and better public schools. Moreover, evidence is mounting that public schools are not harmed financially by offering students the opportunity to choose their school, either public or private. Few people would argue that the state does not have a compelling public interest in spending generously to achieve the goal of fully educating children. Many people, however, reasonably argue that the compelling public interest to finance education is qualitatively different than subsidizing a government owned and operated school system. Funding the education of the public is not the same thing as simply and only financing public schools. Yet, when the debate about school financing takes place, this question is often ignored. Many times, perceptions and rhetoric are presented as truth, and facts are either conveniently overlooked or shaped to fit one side of the argument. Right now, South Carolina is in the midst of the debate about school choice and the most effective use of education dollars. To increase clarity, this study accurately evaluates the categories of state funding for public schools, establishes the average total state cost per student, analyzes variable education costs versus fixed costs, and determines the precise portion of per-student funding the state provides based on the type of student and district.