WASHINGTON — North Carolina Rep. Alma Adams joined a group of several high-profile Democrats, including Senate Majority Leader Chuck Schumer, to reintroduce a proposed resolution to cancel up to $50,000 of federal student loan debt for borrowers.
Adams said this is an opportunity for President Joe Biden's administration to help millions of Americans transform their lives.
"These loans are holding American families back from buying houses, cars and opening small businesses," Adams said. "Student loan debt prevents young families from building and creating wealth that they can pass down to their children and grandchildren. It's up to us to rebuild the bridge to the middle class for millions of Americans. Let's start by canceling the debt."
According to EducationData.org, nearly $1.7 trillion is what the US currently owes to student debt. Of that $1.7 trillion, $45.9 billion is North Carolina's share. South Carolina borrowers are responsible for $26.3 billion in student loans.
To help with the overwhelming debt, President Biden wants to make public college free for families who earn less than $125,000 per year. He also supports delaying loan payments without interest for low-income Americans and total loan forgiveness under certain circumstances. The president proposed forgiving $10,000 of all federal student loans, which would wipe out debt held by nearly 15 million Americans.
North Carolina Student Loan Debt By The Numbers
$37,500: The average amount owed by North Carolina borrowers
11.7%: The percentage of North Carolinians who owe student loans
1,223,500: North Carolinians with student loan debt
$45.9 billion: Total student debt owned in North Carolina
South Carolina Student Loan Debt By The Numbers
13.3%: The percentage of South Carolinians who owe student loans
$38,300: The average amount owed by South Carolina borrowers
686,800: South Carolinians with student loan debt
$26.3 billion: South Carolina's total student loan debt