How much student loan debt do you carry? Charlotte college grads own a lot, says study

While the Supreme Court nears a decision on President Joe Biden’s student loan forgiveness plan that could relieve debt for more than 40 million people across the country, a new report by WalletHub is shedding light on just how much student loan debt lies in cities across the country.

According to the study, the average student loan debt in Charlotte is $26,453, and the average earnings for those with bachelor’s degrees is $61,257.

To determine the cities with the most and least amount of student loan debt, WalletHub compared the median student loan balance against the median earnings of adults 25 and older with a bachelor’s degree in more than 2,500 U.S. cities. While Charlotte isn’t among the 10 cities that feature borrowers who owe more than they can pay (referred to as overleveraged), it does fall in the top 25th percentile.

Here is a list of cities that feature borrowers who carry the most and least student loan debt on average:

“Student loans make up the second highest form of household debt after mortgages, totaling a record $1.63 trillion. That works out to about $37,600 per borrower,” the report says.

Where the federal student loan forgiveness plan stands

Because the Supreme Court issued orders blocking the Biden Administration’s student debt relief program, no more applications are being accepted at this time. The student loan payment pause is still in place until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. If that doesn’t happen by June 30, payments will resume 60 days after that deadline.

Options for student loan forgiveness

There are other options for getting federal student loans forgiven:

• Public Service Loan Forgiveness: Those employed by a government or not-for-profit organization may be able to receive loan forgiveness. PSLF forgives the remaining balance on direct loans after borrowers have made 120 qualifying monthly payments under a repayment plan while working full-time.

• Teacher loan forgiveness: Those who teach full-time for five consecutive academic years in a low-income elementary school, secondary school, or educational service agency may be eligible for forgiveness of up to $17,500 on direct loans or Federal Family Education Loan program loans.

A full list of options for getting federal student loan debt canceled or discharged can be found on the U.S. Department of Education’s financial aid website.