Another college canceled student debt.
Here’s what you need to know.
South Carolina State University is canceling $ 9.8 million in student debt for 2,500 students. South Carolina, the state’s only historically black college and university (HBCU), will “clear student account balances” for students who continued to struggle financially due to the Covid-19 pandemic. Here’s how South Carolina pays for cancellation of student debt:
- Care Law: 4 million dollars
- American Rescue Plan: 5.8 million USD USA
“We are committed to providing these students with a clear path forward so that they can pursue college and graduate without the burden of financial debt caused by circumstances beyond their control,” said Acting President Alexander Conyers. “Our university was founded on the principles of providing students with access to quality, affordable education. This is what we are going to do. No student should stay at home because they cannot afford to pay their overdue debt after experiencing the financial devastation caused by the global pandemic. “
Most of the students who will receive this student debt relief did not register for the upcoming semester due to the financial burden of overdue account balances. It is important to note that this is a student debt to college and not a student loan cancellation for private or federal student loans. “To be honest, this news makes me cry,” said Leslie Young, a freshman who was unable to attend school during the spring semester because she had no money to pay for her tuition. “My family has a very low income. I was deeply depressed because school means everything to me. Without this, it seemed to me that I was giving up my dream. “
Cancellation of student loan at other colleges
South Carolina is among other colleges that have canceled student debt in advance.
Biden Supports Cancellation Of Student Loan At These Colleges
President Joe Biden Cancels $ 3 Billion Student Loans… Biden also supports a large-scale student loan cancellation of up to $ 10,000 in the form of a student loan cancellation for student loan borrowers, but wants Congress to take action. (However, the last incentive package, infrastructure package as well as budget does not include student loan cancellation). Biden supports the forgiveness of additional student loans, including the cancellation of student loans at colleges and universities that have historically had blacks (HBCUs), as well as four-year public colleges and universities. According to Biden’s plan, college tuition will be free for students whose families earn less than $ 125,000 a year. Biden is also demanding a student loan cancellation for student loan borrowers who attend these colleges and universities and earn less than $ 125,000. However, despite these proposals, Congress was unable to come to an agreement on a large-scale cancellation of the student loan. This has led many student loan borrowers to wonder: Has student loan cancellation been canceled?? For many student loan borrowers, this seems too true. For now, the targeted cancellation of the student loan seems to be the new norm.
If you have student loans, make sure you have a reliable student loan repayment plan. Here are some possible options to consider: