University cancels over $700k in student loans for graduates hit by pandemic
Delaware State University is canceling more than $700,000 in student loans for recent graduates hit hard by the Covid-19 pandemic.
CNN reports that DSU announced this week it will cancel $730,655 for more than 220 people.
“The average eligible student will qualify for about $3,276 in debt relief,” according to the statement from the historically black, public university.
“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,” said Antonio Boyle, DSU’s Vice President for strategic enrollment management. “While we know our efforts won’t help with all of their obligations, we all felt it was essential to do our part.”
DSU is paying for the expenses through the federal American Rescue Plan for COVID-19 relief, university officials said in the statement Wednesday.
“Our students don’t just come here for a quality college experience,” said University President Tony Allen. “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.”
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