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University Cancels $700K in Student Debt for Graduates Affected by Pandemic

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  • Delaware State University announced on Wednesday that it is forgiving more than $700,000 in student loans for new graduates who were hit by the pandemic.
  • The money will be allotted to cover an average student debt of $3,276 for more than 220 graduates.
  • The funds came from the federal American Rescue Plan Act (ARPA) for COVID-19 relief sent by the Biden Administration.

Delaware State University is forgiving up to $730,655 in student loans for its newly graduated students who were affected by the pandemic.

Antonio Boyle, Vice President for Strategic Enrollment Management, said that an eligible student will qualify for an average of $3,276 in debt relief. That’s about one-third of the university’s annual tuition. The funds will be able to assist over 220 graduates.

Delaware State University Student Center. Photo Credit: Holzman Moss Bottino Architecture/Wikimedia Commons

“Too many graduates across the country will leave their schools burdened by debt, making it difficult for them to rent an apartment, cover moving costs, or otherwise prepare for their new careers or graduate school. While we know our efforts won’t help with all of their obligations, we all felt it was essential to do our part,” Mr. Boyle said in a statement.

The federal government’s American Rescue Plan for COVID-19 relief funds will be used to cancel the students’ loans.

University President Tony Allen described the importance of debt relief action to students.

“Our students don’t just come here for a quality college experience.  Most are trying to change the economic trajectory of their lives for themselves, their families, and their communities.  Our responsibility is to do everything we can to put them on the path.”

Photo Credit: DELAWARE PUBLIC MEDIA

Dr. Allen highlighted that such debt reduction is consistent with Delaware State University initiatives to keep student debt manageable.

“We haven’t raised our tuition in over six years; we issue every incoming student an iPad or a MacBook; we are replacing traditional textbooks with less expensive digital editions, and our Early College High School saves the average family of nearly $50,000 in college expenses.”

Photo Credit: pexels/pixabay

Last year, the annual US News &. World Report assessment of America’s top colleges lists Delaware State University among the top 1% in Social Mobility, which is defined as “enrolling and graduating large proportions of disadvantaged students.”

Dr. Allen says he is also optimistic about Senate Bill 95, which would extend the University INSPIRE scholarship from half the tuition for four years to full tuition for eligible Delaware students. Earlier this month the legislation, sponsored by Senator Trey Paradee, passed the Senate unanimously, 21–0.

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“Great universities have to go a step beyond ordinary,” said Dr. Devona Williams, the Chair of the University’s Board of Trustees. “This is that kind of moment for us.”

Source: Good News Network

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