For recent Delaware State University (DSU) graduates, student debt will be less of a burden.
According to the university, they will cancel up to $730,655 in student debt for recent graduates that have faced financial hardship during the COVID-19 pandemic.
The historically Black university has used its stimulus funds from President Biden’s American Rescue plan to help its students by canceling their debt.
Forbes reports that The Education Department updated guidance in March to allow institutions to use the money for different needs which includes canceling some student debt.
“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, a vice president for the university.
He also notes that 87 percent of DSU graduates either enter the career of their choice or enroll in graduate school within six months of commencement which is above the national average.
“While we know our efforts won’t help with all of their obligations, we all felt it was essential to do our part,” continued Boyle.
University President Tony Allen shares exactly why this debt relief action is so significant for students.
“Our students don’t just come here for a quality college experience,” said 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.”
He also explains that DSU has always been committed to keeping student debt manageable for its students.
“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,” he said, according to the university.
Now, these students can rest assured of having some of that student debt canceled.