I live in Columbia and went to USC for my undergrad. I am not a native, so maybe that's why I have a love/hate relationship. Cost of living for students is super cheap, as stated above. There are two distinct night life districts. There is Five Points where all the underage drink with the homeless because drinking is so cheap here. It has an eclectic collection of shops, I like window shopping here versus the mall. Then there is the Vista, geared towards the young-professionals. A lot of boutiques, they just opened up a cupcake shop.
I crave culture, so I usually escape to Atlanta or Charlotte for the weekends. You really have to dig to find it. However, this past weekend I was able to find a good artist lecture at the art museum, stumbled upon an art gallery show casing skateboards, and had fun checking out Viva La Vista (food fair). You can take weekend trips to near by places like Charleston, Savannah, Charlotte, Atl, etc. So it really depends on yourself and what you make the most of the place. Good luck!
p.s. Only here can you get away with wearing a shirt that says cock. Football and tailgating here is HUGE.