Aug 25, 2022 - News

How Biden's student debt cancellation will affect North Carolina

Illustration of a ball and chain replacing the tassel of a graduation cap, with the chains breaking.
Illustration: Maura Losch/Axios

More than one million North Carolinians have some form of student debt. Many could see relief from a Biden administration plan to cancel some of it.

Driving the news: Announced yesterday, the plan could result in approximately 20 million Americans having their debt completely canceled.

  • The plan cancels up to $20,000 in student debt for Pell Grant recipients.
  • And up to $10,000 for individual borrowers who make under $125,000 per year.
Data: Federal Student Aid; Note: Includes outstanding principal and interest balances from Direct Loans, Federal Family Education Loans and Perkins Loans; Table: Simran Parwani/Axios

Zoom in: North Carolinians hold nearly $50 billion in student debt, according to data from Federal Student Aid.

Read more: Biden cancels up to $20K in student loans for Pell Grant recipients, $10K for millions of others

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