North Carolina makes bipartisan effort to treat student loan borrowers fairly
May 27 RALEIGH Imagine being 17 years old, your mom has died and you are financially independent.
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Now imagine all of that taken away after an injury.
That s the story of 37-year-old Kanethia Rankin, who amassed around $70,000 in student loans after her injury cost her her scholarship.
She tried to dig her way out of the debt, but said she was placed on a payment plan that she cannot afford. I ve been trying to establish a payment plan that I can pay monthly to pull out of this debt and it s been impossible, Rankin said.
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WFAE
Changes in eligibility come after failures during the first round of the Paycheck Protection Program, failures that caused many minority-owned businesses to miss out on receiving a loan.
Está historia está disponible en español en La Noticia.
Businesses across the country were forced to close their doors last March as statewide lockdowns went into effect. So the announcement of financial support for business owners through the Paycheck Protection Program was a relief.
But instead of getting help, many minority-owned small businesses were denied PPP loans.
“A lot of people really just got turned down for loans,” said Shanté Williams, director of the Charlotte Mecklenburg Black Chamber of Commerce. “Even though they could show that they were hurting. They could show what they used to make prior to 2020, and it just wasn t enough.
Alex Simone
Reatna Taylor graduated from UNC Chapel Hill in 2019, with a master’s in public health. Upon graduating, her student loan debt shot up to $185,000.
Reatna Taylor had big dreams to become a primary care physician when she entered Johnson C. Smith University. She graduated in 2015 with a bachelor’s degree in biology. A partial scholarship covered most of her tuition, but she still had to take out $54,000 in student loans to cover all of the other expenses that come with being a college student.
Both of Taylor s parents are from Panama. Because she was the first in her family to go to a four-year college, they didn’t understand how expensive it was going to be.
The weight of student loans on Black and Latino borrowers
North Carolina mirrors the national trend with Black and Latino students borrowing at higher rates to offset college expenses.
Reatna Taylor (2nd from left) has felt the weight of her student loan debt. But she took advantage of the pause on payments, alleviating funds to use for her family’s needs during the pandemic. Photo courtesy of Reatna Taylor.
By Gracyn Doctor, WFAE
February 2, 2021
Reatna Taylor had big dreams to become a primary care physician when she entered Johnson C. Smith University. She graduated in 2015 with a bachelor’s degree in biology. A partial scholarship covered most of her tuition, but she still had to take out $54,000 in student loans to cover all of the other expenses that come with being a college student.