Delaware State Students line up at their commencement ceremony. (Image: Twitter/@TheSource)
Delaware State University (DSU) will cancel $730,655 in student loan debt for more than 220 graduates who have been hurt by the coronavirus pandemic.
DSU will pay off the debts for students through funds the HBCU received from President Joe Biden‘s American Rescue Plan, according to a university press release. DSU added the average eligible student will qualify for about $3,276 in relief.
“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,” Antonio Boyle, DSU’s vice president for strategic enrollment management said. “While we know our efforts won’t help with all of their obligations, we all felt it was essential to do our part.”
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Manju Bangalore, a student debt campaigner at Progressive Change Campaign Committee, said Cordray’s appointment was promising.
“We believe he will stand up for student borrowers as he did in his position at CFPB. The time is now to cancel $50,000 of student debt and we look forward to Cordray being in the mix on this issue,” Bangalore said.
The American Civil Liberties Union also praised Cordray’s appointment. The organization’s senior campaign strategist Rakim Brooks urged Cordray to cancel $50,000 of debt in an effort to help minority communities.
“Canceling $50,000 in student debt would help close the racial wealth gap and support financial freedom for Black and Latinx borrowers who are disproportionately burdened by student debt, all while addressing this debt crisis for millions more,” Brooks said.
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