(WGHP) — Over 350,000 North Carolinians would have no more student loan debt if $10,000 in student loans were canceled, according to a report released by Lending Tree this month.

The roughly 363,504 NC student loan borrowers that would have their entire student debt portfolios eliminated make up 29.2% of borrowers in NC.  

NC borrowers owe a total of $47.9 billion in federal and private debt, which is the 7th highest in the US, according to the report.

1.3 million North Carolinians have an average balance of $36,293 and monthly payments of $282.

This debt affects 12% of the 10.5 million people who live in NC.

Tens of millions of Americans are waiting to see if President Joe Biden will deliver the widespread student debt forgiveness he endorsed as a presidential candidate.

He talked of canceling $10,000 per borrower, but the plan stalled when he asked Congress to pass the relief. With that body gridlocked, Biden recently said he’s still taking a “hard look” at the question.

Any course of action carries tremendous stakes.

More than 43 million Americans owe a combined $1.6 trillion in student debt to the federal government, according to the latest data from the Education Department. That makes it one of the nation’s leading sources of consumer debt.

If Biden forgives $10,000 for all borrowers, it would eliminate federal student debt for a third of them, about 13 million people. Another 20% would see their debt cut by half or more.