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Delaware State University will slash more than $730,000 in student loans for recent grads. CNN reports the school says the move will provide aid to more than 220 people, and that those who are eligible were hit particularly hard by the COVID-19 pandemic.
“The average eligible student will qualify for about $3,276 in debt relief,” said a statement released last week by the HBCU.
“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,” added DSU’s Vice President for Strategic Enrollment Management, Antonio Boyle. “While we know our efforts won’t help with all of their obligations, we all felt it was essential to do our part.”
The university’s statement adds that expenses are being covered via stimulus funds from the federal American Rescue Plan for COVID-19 relief. Guidance for how to use those funds was updated in March to allow for institutions to cancel some student debt.
“Our students don’t just come here for a quality college experience,” University President Tony Allen said, according to CNN. “Most are trying to change the economic trajectory of their lives for themselves, their families, and their communities.”