RALEIGH, N.C. — 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.
And when the companies that service the loans give borrowers incorrect or incomplete information or steer them to the most expensive options, Hunt said, it makes the problem worse. Current state laws don't offer much protection in these situations.
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