According to findings by the North Carolina Institute of Minority Economic Development, college students in America today are increasingly being strapped down with mounting student debt. The average annual student loan debt for students on North Carolina campuses is $6,773.” The report adds “Students at Historically Black Colleges and Universities (HBCUs) are being hit disproportionately hard, carrying 21% of this debt burden, or $122 million in student loan debt, although representing only 7% of the state’s total student population.”
INCREASING IMPORTANCE OF A COLLEGE DEGREE
Jobs requiring higher education will grow by 22% between 2002 and 2012, nearly double the rate of non‐college jobs.
Decrease In College Affordability
According to the National Center for Public Policy and Higher Education, a college education has become less affordable for middle and low income families:
- Low income households spend 61% of their income public college costs (an 18% increase since 1992). They spend 189% on private college costs.
- Middle income households spend 20% of their income on public college costs (a 7% increase since 1992). They spend 48% on private college costs.
- High income households spend 8% of their income on public college costs (a 2% increase since 1992). They spend 18% on private college costs.
- North Carolina’s investment in need-based financial aid is very low when compared with top-performing states.
Source: North Carolina Institute of Minority Economic Development