Delaware State University Wipes Off Over $700,000 Of Student Debt For Its Graduates

Delaware State University is cancelling up to $730,655 in student debt for the recent graduates who have faced financial hardship during the COVID-19 pandemic.

The historically Black university has used stimulus funds received from Biden’s American Rescue plan to support students by canceling their debt.

According to a report by Forbes, The Education Department updated guidance in March to allow institutions to use the funds for various needs including canceling student debt.

Antonio Boyle, who's the vice president of the university said, 

“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.” 

According to him, 87 percent of the institution's 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.

On why this debt relief would be significant to the graduates, Tony Allen, the University's President, said,

“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.

The student debt crisis in America is one that's worth about $1.7 trillion dollars - that's how much the US government is being owed by graduates in total.