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$10 Million in Student Debt is Wiped Out for 2,500 South Carolina Students Using Stimulus Funds

With the money received from the stimulus bills, South Carolina State University decided that it wouldn’t be as important if some of the students didn’t finish paying off their student loans.

Last week, South Carolina’s only Historically Black College or University (HBCU) announced that it was waiving its claim for about $ 9.8 million in incoming student loan repayments from the accounts of 2,500 students continuing after receiving the difference. from the federal government, offering vital relief to students trying to cope with the difficulties of the post-pandemic economy.

“We are committed to providing these students with a clear path forward so they can continue their college education and graduate without the burden of financial debt caused by circumstances beyond their control,” said SCSU Acting President Alexander Conyers.

The accounts could be liquidated after the university could access about $ 4 million from the Trump CARES Act and another $ 5.8 from the American Rescue Plan, approved under Biden.

The cleared accounts mostly belonged to students with very high existing balances or who had not enrolled for the next semester as a result of outstanding debt.

“This is a tremendous weight that I will not have to carry,” said Romaun Myers, a third-year student at SCSU, at the university press. “I am a first-generation college student, one of the only boys in my mother’s family. I have to do it in order to support my family. “

Other students mentioned that the news was “a great blessing” and brought “tears to [the] eyes “, and that it would allow them to” realize their dreams. “

Freshman Leslie Young saying in the press release that without the cancellation he would have had to sit down next semester due to outstanding account balances.

MORE: University cancels $ 700,000 in debt for graduates affected by a pandemic

“I was in deep depression because school means everything to me. Without him, I felt like I was giving up my dreams. “

Well now the chase has returned to Leslie, go find them!

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