New York Governor Andrew Cuomo New York Governor Andrew Cuomo will be eligible for a multi-million dollar student loan forgiveness. announced on Wednesday.
50,000 students trained through the City University of New York (CUNY) system will be eligible for student debt cancellation through this initiative. Cuomo’s office called it “one of the nation’s largest student debt relief plans of its kind,” and estimates the initiative would wipe out up to $ 125 million in outstanding student debt.
“The COVID-19 pandemic has caused hardships in the lives of so many New Yorkers, and our students have been among the hardest hit,” Governor Cuomo said in a statement. “This landmark new program eliminates millions of dollars in outstanding debt by providing much-needed help to tens of thousands of CUNY students as they work to get back on their feet after the pandemic and plan for their future.”
“CUNY students have shown tremendous resilience in the face of the immeasurable hardships they have faced over the past 16 months, from employment and loss of income to food and housing insecurity, amid an unprecedented health crisis that has brought disease and tragedy to thousands of families in New York, “said CUNY Chancellor Felix V. Matos Rodriguez. “This act of compassion will enable CUNY students and recent alumni to move forward in achieving their educational and career goals without the specter of unpaid tuition and fees. This landmark move will also strengthen CUNY’s important contribution to New York’s economic recovery. ”
The CUNY Return Program initiative will use federal stimulus money to fund student loan forgiveness. Following the adoption of Biden’s landmark stimulus package in March, Education Minister Miguel Cardona has updated policy guidance to allow colleges and universities to use federal stimulus dollars for a variety of student financial needs in the face of the pandemic, including student debt cancellation in some cases.
“Many students have turned their careers after graduating from high school as they do school work while protecting themselves from this virus,” Education Minister Cardona said in March when he announced the policy change. “We hope that every eligible student will enjoy these benefits while continuing to focus on their studies.”
The debt forgiveness will cover the remaining tuition fees and outstanding student debt owed directly to CUNY by the institution. According to Cuomo’s office, eligible students are those “who have been enrolled in the university since March 13, 2020, the date the coronavirus was declared a national emergency, during the spring 2021 semester and have accumulated tuition balances and fees for that time … action applies to the spring, summer and fall 2020 semesters and the spring 2021 semester, including alumni. “