The North Carolina Promise (NC Promise) is an education subsidy program that sets in-state tuition at $500 per semester and out-of-state tuition at $2500 per semester for all undergraduates at four campuses of the University of North Carolina (UNC) System campuses applies to all undergraduate students beginning with the Fall 2018 semester. A goal of the NC Promise is to reduce the number of student loans for students to complete a degree. The NC Promise represents a new way to structure a promise program with the state government taking on more responsibility for the cost of higher education. Due to the recent creation of the program, there is limited research about its efficacy and impact. This study investigates if the NC Promise delivers on its goal of reducing the amount of student loans students need to complete a degree. Data from IPEDS across a 10-year time series were collected and analyzed using a difference-in-difference method. In addition to focusing on student loan outcomes, student fees were studied to determine if the program had any impact on fees. This study found that a reduction in federal student loans across three NC Promise campuses could not be attributed to the NC Promise program. However, recommendations for policy changes and future research are presented. Overall, given the program's unique structure and other benefits, the program should continue despite the findings in this study. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]