Student Loan Forgiveness: La Salle University and HBCU Universities Pay Millions of Student Debts

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PHILADELPHIA (WPVI) – Under normal circumstances, cash flow can be a problem for young college students.

Student Cass Borowitz of La Salle University says student loans have contributed to this stress due to the additional pressure amid the COVID-19 pandemic.

“Like, okay, I’ll probably have to go to school full time and work almost full time, and you know that this creates a lot of stress on someone’s mental health,” Borowitz said.

Borowitz was thrilled to learn that La Salle University had announced that it would pay off her $ 6,600 debt for the spring 2021 semester.

“I started crying. I was very excited because my training was quite a source of stress for me, ”Borowitz said.

La Salle has done the same with over 100 other students, using federal stimulus money to pay off over $ 500,000 in student debt.

Only students who owed $ 500 or more for the spring semester received financial support.

“This is the right thing to do, and the time has come. Students and their families have experienced significant hardships, ”said Tim O’Shaughnessy, interim president of La Salle.

RELATED: Local University is writing off over $ 730,000 in debt for struggling students

Nationwide, federal student loan debt is estimated at $ 1.58 trillion.

As of December 2018, more than 300,000 Philadelphians are believed to have a total debt of about $ 11.6 billion.

“I think we’ve all come to the conclusion that college costs are too high and exhausting if we don’t think about them,” said Tony Allen, president of the University of Delaware.

Allen hopes the Biden administration and lawmakers in Washington will continue to discuss debt relief.

DSU has pledged to write off over $ 700,000 in student debt with federal funds.

Other colleges and universities that have historically been black have also followed suit.

Cheney University said in a statement that they will forgive all current student balances from Spring and Fall 2020 and Spring 2021.

“The last thing we would like to see is that our students’ studies are interrupted due to the financial and emotional problems associated with the pandemic,” the spokesman said.

University of Lincoln officials said they were discussing the possibility.

“In a sense, we really spend money every year to make these dreams come true for these kids,” Allen said.

La Salle University officials hope that those who were afraid to drop out will continue their education through these efforts.

“It really dies down, as does my anxiety when it comes to my plans after graduation,” Borowitz said.

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