MATC Writes Off Over $ 6 Million Student Loan Debt



MILWOKI (CBS 58) – Milwaukee District Technical College (MATC) announced on Tuesday July 27, they will automatically forgive $ 5.75 million in college debt by students who attended MATC during the pandemic, using federal COVID-19 aid dollars provided to the institution by the U.S. Department of Education’s Higher Education Emergency Fund ( HEERF III).

According to the press release, students who are in arrears to MATC for tuition and fees incurred from Spring 2020 to Spring 2021 will be forgiven by the college. This affects late tuition fees and fees owed directly to MATC. This does not apply to student loan arrears.

Students who were enrolled in MATC during the COVID-19 pandemic and do not have to pay MATC, but who experienced difficulty paying their account balance during this time, can also request assistance of up to $ 500. MATC is providing an additional $ 1 million in HEERF III funds to help these students.

“We know the pandemic has caused disproportionate financial hardship for our students,” said Dr. Vicki J. Martin, president of MATC. “We believe it is very important to help these students get out of debt at this time when many of them are experiencing difficulties. Recipients are not required to enroll in MATC in the fall semester, but we hope that this will enable many students to return to college this fall to pursue studies that will lead them to work with a salary that supports the family. This initiative will have a positive financial impact not only on our students, but also on the communities we serve. ”

U.S. Department of Education allocation methodology highlighted support for institutions hosting a large number of Pell recipients. The MATC community is student-centered and continually provides additional institutional funding to meet student needs beyond what is required by the Ministry of Education.

The Debt Forgiveness Program will immediately help nearly 7,000 students who owed MATC an average of $ 825 in tuition and fees during the pandemic. The college will contact affected students via email in the coming weeks.


Source link