The COVID-19 pandemic has hit college students hard for nearly three consecutive semesters. Many students who are graduating this spring not only lost their senior, but they also lost half of their junior year as well. Now, these recent graduates are entering an uneasy job market with loans and other burdens. In an effort to assist these recent graduates, Delaware State University has canceled $700,000 in student loans for graduates impacted by the coronavirus pandemic. This effort will assist more than 200 students and remove approximately $3,000 in loans for each student.
“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,” Antonio Boyle of Delaware State University told The Grio.
University officials have largely credited the federal American Rescue Plan Act for providing the resources needed to make this initiative a reality. Initiatives such as these are important to Black schools because Black students graduate with approximately $25,000 more student loans than their white counterparts. Furthermore, nearly 30% of Black graduates end up with monthly student loan payments of more than $350.
“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,” Delaware State University President Tony Allen added.
“Our responsibility is to do everything we can to put them on the path.”
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