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Student loan debt in North Carolina has tripled over the past decade, according to consumer advocates. It's the second-highest increase in the nation.
Now, a bipartisan group of state House lawmakers is proposing a "Student Borrowers' Bill of Rights" to crack down on deceptive or abusive practices by the companies that service those loans.
Sponsor Rep. Rachel Hunt, D-Mecklenburg, says 1.3 million North Carolinians owe a total of $48 billion in student loan debt. The average debt amount is $36,200. Students carrying debt often have to delay retirement savings or major purchases, creating a drag on their economic future.
The system
and cycle of college debt makes little sense. You invest tome a d money in an education only to start of your career in debt.
Good. Loan companies need to make a profit, but college students (prospective, current, and former), know that students can't, nor should be expected to pay for those loans all throughout the first years of their careers.