How Biden's student debt cancellation will affect North Carolina

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.

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

• In 2019-2020, 55% of college graduates in North Carolina had student loan debt, according to the Institute for College Access & Success.
• The average debt was $29,681.

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