And the average debt per borrower of $37,721 is the 8th largest average student debt per borrower in the country – $66 below the national average
A total of 1.304 million people in North Carolina hold student debt making North Carolina the state with the 10th highest number of borrowers in the country.
This is only 12.36% of the population of North Carolina – making North Carolina the state with the 33rd most student loan borrowers per capita.
Of these borrowers, 52.30% are under the age of 35.
How much student loan debt does the average North Carolina resident have?
The average student loan debt for borrowers who are North Carolina residents is $37,721
This makes North Carolina the state with the 8th-largest average student loan debt
The average student debt in North Carolina is almost exactly the national average of $37,721
Within this average, the amount owed by North Carolina residents varies greatly:
14.40% of borrowers owe less than $5k
23.00% of borrowers owe between $20k and $40k
2.10% of borrowers owe more than $200k
How much do North Carolina residents borrow each year?
34.50% of North Carolina undergraduate students take out federal student loans – this is the 33rd highest in the country
For those at 2-year colleges, 12.80% of students chose to take student loans – that’s 42nd in the country
They were approved to get $6,264 per year on average
This is the 7th most per student at 2-year colleges of any state
More students at 4-year schools take out student loans – 52.00% receive student loans
This is 7th most out of the 50 states and DC.
These students are awarded $6,740 per year on average – ranking 29th in the country.
State-level financial aid for students in North Carolina
North Carolina is the state that spends the 13th most state funds on financial aid for students
In total, North Carolina spends $391.5 million on state-level financial aid programs per year
This works out at around 0.72% of the gross state product (GSP)
While North Carolina has the nation’s 13th largest budget for student financial aid, it only ranks 5th as a percentage of GSP
Only Wyoming, Mississippi, Hawaii, and New Mexico spend a larger percentage of GSP on student financial aid than North Carolina
This works out at around $1,180 per undergraduate student in the state – the 12th most of any state in the country
Just over $313.7 million is distributed to students in the form of grants meaning that none of this amount is repaid.
The remaining $77.8 million is distributed between some other programs – some of which may be due to be repaid.
