The HBCU Delaware State University announced Wednesday that it is canceling $730,655 in debt for recently graduated students as a response to financial struggle that many are facing as a result of the COVID-19 pandemic.
According to the announcement the university is canceling a total of $730,655 in debt for recently graduated students. The average eligible student will qualifying for $3,276 in relief.
The local Delaware ABC affiliate reports that the the debt cancellation was made possible through a federal grant as part of the American Rescue Plan Act.
“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,” WDEL quotes Antonio Boyle, Vice President for Strategic Enrollment Management stating. “While we know our efforts won’t help with all of their obligations, we all felt it was essential to do our part.”
“Our students don’t just come here for a quality college experience,” said University President Dr. Tony 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.”
According to Dr. Allen, this debt reduction is consistent with DSU initiatives to keep student debt manageable. The university hasn’t raised its tuition in more than six years, and issues every incoming student an iPad or a MacBook. To add to this, traditional textbooks are being replaced by the university with cheaper digital editions, and Early College High School saves the average family nearly $50,000 in college expenses.