With 1.2 million North Carolinians holding a staggering $44 billion in student loan debt, the state’s debt rose faster in the last decade than all but one state.
North Carolina is known for its preeminent place in national college rankings. But a report last year that found the state’s student debt rising faster than all but one other state was the wrong kind of ranking.
That report from the Center for Responsible Lending found debt rocketed 285% in the last decade. Need some more grim numbers? The report found about 1.2 million North Carolinians were holding about $44 billion in student debt.
If that sounds astronomical, it is.
RELATED: Learning Curve: NC Parents and Teachers Handling Education During the COVID Era
A new report from Georgetown University might offer some promise for strapped North Carolinians however. The report found Democratic presidential candidate Joe Biden’s plan for a dramatic revamp of higher education debt could pay for itself within 10 years.
As CNBC wrote: “The team at Georgetown estimates that after 11 years, the Biden initiative would cost $73 billion per year, but would be completely offset by the associated increase in tax revenue to a whopping $186.8 billion as workers earn more due to their advanced education and training.”
And, as CNBC noted, every state has something to gain or lose in this debate. Perhaps that’s why student debt has increasingly become a part of the political conversation, at least among Democrats. The candidates for president have, no surprise, significant differences on this front, as NPR reported.
President Trump has not said much about broad student loan forgiveness, focusing instead of school choice initiatives, although Democratic nominee Joe Biden has, among his proposals, called for cancellation of $10,000 in debt for every American.
He’s also said that public colleges, historically Black universities and minority-serving institutions should be tuition-free for anyone making less than $125,000 a year, a sweeping change to the country’s higher education system.
Biden has also called for making community colleges tuition free for two years, while investing $50 billion in workforce training programs.
“I think it’s worth the money,” Anthony Carnevale, economist, professor and director of the Georgetown Center on Education and the Workforce, told CNBC.
It’s something of a silent crisis in this country. People don’t like to chat about their debts. But the Biden plan could demystify the problem.
Politics
Op-ed: Michele Morrow poses a huge threat to NC public schools
Students with disabilities would particularly suffer if Michele Morrow were to become the state Superintendent of Public Instruction, Susan Book...
Biden makes 4 million more workers eligible for overtime pay
The Biden administration announced a new rule Tuesday to expand overtime pay for around 4 million lower-paid salaried employees nationwide. The...
Local News
The 5 most believable UFO sightings ever reported in North Carolina
Read about five alien encounters that may forever remain unexplained. When you think of the most common places where you might hear a UFO sighting...
Good News Friday: It’s a good day to be a fan of the NC State Wolfpack
The men's and women's teams will compete for a national championship in college basketball this weekend. Plus: How to watch the solar eclipse, and...