Student Debt: Communities With The Highest Burdens In North Carolina

CHARLOTTE, NC -- Most local high school students go on to college. Increasing numbers of them graduate with big loans to repay. A new study found seven North Carolina communities are among the US cities whose residents owe the most.

LendEDU’s report, entitled “U.S. Cities with the Highest & Lowest Student Debt Balances” provides a detailed look at which U.S. cities owe the most and least in student loan debt.

Student loan debt is the second highest form of debt in the U.S., second only to mortgages. In 2017, there are 43.3 million student loan borrowers who collectively owe $1.41 trillion in outstanding student loan debt. Six out of 10 students will graduate from college (something our society says they need to do) with debt. On average, these student borrowers will owe $28,400.

"For most, student loan payments have become another monthly expenditure that eats away at earnings, similar to a rent, electric, or water bill," the researchers said. "How big has the student loan debt crisis become? A few statistics can paint a pretty bleak picture."

As for the study's methodology, LendEDU used data licensed from Experian to pinpoint the 500 U.S. communities where the average student debt balances are highest and where they're lowest. To be considered for the study, a town or city had to have a population above 15,000.

So, how does North Carolina stack up?

Out of the top 100 cities in the U.S. shouldering the lowest debt load, only one North Carolina city -- Ft. Bragg -- made the list. The military town came in at #45 with the average balance of $18,670.62.

The debt situation was much bleaker elsewhere in the state. The average student loan debt in Charlotte is $35,961.81. In Chapel Hill, it’s even more -- $41,711.27.

Here are the N.C. cities ranked among the 500 U.S. cities with the highest average student loan debt:

• #94 -- Chapel Hill, N.C., $41,711.27
• #116 -- Durham, N.C., $40,867.02
• #150 -- Carrboro, N.C., $40,099.30
• #314 -- Pinehurst, N.C., $37,418.20
• #325 -- Davidson, N.C., $37,251.30
• #412 -- Morrisville, N.C., $36,315.10
• #458 -- Charlotte, N.C., $35,961.81

Are you a college grad, or the parent of one, juggling student loan debt? Tell us about it in the comments.

Lanning Taliaferro contributed to this report.

Image: LendEDU