UNC graduates and soon-to-be graduates could have an easier time paying back student loans with a proposal that would ease up the repayment process.
The proposal, which President Barack Obama is expected to talk about today in his first State of the Union address, will lower the amount a student is required to pay toward their loan each month.
The proposal will set former students’ minimum payments at 10 percent of their income. The minimum is currently 15 percent.
Student loan debt upon graduation:
- National average (2008): $20,200
- N.C. average (2008): $18,400
- UNC average (2009): $14,262
Sources: UNC Scholarships and Student Aid, College Access and Success “Project on Student Debt”
Obama also proposed forgiving loans after 20 years, rather than the current 25 years.
