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A university chose to put its American Rescue Funds relief to good use by canceling $700k in student loans.
Delaware State University forgave more than $700,000 in student loans for over 200 recent graduates affected by the ongoing COVID-19 pandemic, PEOPLE reported.
It will be covered by the university’s funds it received from the federal American Rescue Plan for COVID-19 relief.
On Wednesday, the historically Black and public university shared the good news that loans of $730,655 will be allotted to cover the average student debt of $3,276 for more than 220 students.
“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, 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,” Boyle added.
In March, Education Secretary Miguel Cardona allowed colleges and universities to use their funds from President Joe Biden’s stimulus plan — which gave out $1.9 trillion — for student needs, including grants, scholarships, and canceling the debt.
“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,” DSU President Tony Allen said in a statement.
