A coalition of Democrats on Thursday reintroduced a resolution that could eliminate up to $ 50,000 in student loan debt for Americans.
WASHINGTON – North Carolina Representative Alma Adams has joined a group of several leading Democrats, including Senate Majority Leader Chuck Schumer, to reintroduce a motion for a resolution to overturn up to 50,000 federal student loan debt for borrowers.
Adams said it was an opportunity for President Joe Biden’s administration to help millions of Americans transform their lives.
“These loans prevent American families from buying homes, cars and opening small businesses,” Adams said. “Student loan debt prevents young families from building and creating wealth that they can pass on to their children and grandchildren. It is 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 United States currently owes in 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 crushing debt, President Biden wants to make public college free for families earning less than $ 125,000 a year. It also supports the deferral of interest-free loan payments for low-income Americans and total loan cancellation under certain circumstances. The president offered to forgive $ 10,000 of all federal student loans, which would write off the debt held by nearly 15 million Americans.
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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 held in North Carolina
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South Carolina Student Loan Debt by the Numbers
13.3%: The percentage of Southern Carolinians who owe student loans
$ 38,300: the average amount owed by South Carolina borrowers
686,800: Southern Carolinians with student loan debt
$ 26.3 billion: South Carolina’s total student loan debt