Howard University’s latest HBCU cleared student account balances
Howard University announced on Friday that it will clear outstanding balances for juniors and seniors facing increased financial burden due to the COVID-19 pandemic, joining the growing list of HBCUs leading the charge in capital creation clean for students by relieving debt.
Students eligible for financial relief are upper-class students with an expected family contribution of $ 0 and an unpaid balance for the 2021 spring semester, according to the president Wayne AI Frédéric.
“Howard University is committed to holistically supporting our students and removing obstacles they may face on their way to graduation,” Frederick wrote in an email to the students. “During the pandemic, we know that many students have experienced unforeseen financial difficulties that have jeopardized their plans to pursue higher education.”
Frederick added that the institution has distributed “more than $ 27 million in direct cash payments, waiver fees, emergency housing and meal assistance” and other student services since the start of the pandemic in March 2020 to “ensure that they can pay for their studies and living expenses”.
“I am pleased to report that Howard is continuing these efforts by further reducing student debt in an effort to increase students’ chances of completing their degree programs,” he continued.
Howard has already started distributing funds to eligible students and plans to help other students who have demonstrated financial need in the coming weeks. Students receive the money via a credit titled “HU COVID Need Support” issued to their accounts which is equal to their outstanding balance.
“I continue to be incredibly grateful for the support of donors who have made this debt relief possible,” said Frederick. “I am also grateful for the perseverance shown by these students and all those who have persisted in their educational journey despite difficult circumstances.”
Frederick concluded by highlighting Howard’s dedication to his students and staff, pledging to continue to provide financial support and even going so far as to secure funds from other sources if the institution is ever in operation. able to meet the needs of her community herself.
“Howard will always dedicate as much of our resources as possible to minimize the challenges our staff and students face,” he said. “And when we run out of resources to provide the level of assistance we deem necessary, we continue to identify and secure additional resources that can be used to provide direct support. ”
To date, more than 20 HBCUs are offering or are currently offering some form of financial aid to students in response to the increased burdens caused by the pandemic, CNN reported. Howard added his name to a list including Hampton University, Grambling State University, Florida A&M University, Virginia State University, Clark Atlanta University, Virginia Union University, Saint Augustine’s University and more.
Funding for many of these debt relief services comes from the CARES (Coronavirus Aid, Relief, and Economic Security) law, passed by the Biden administration in March 2020, designating $ 2,000 billion in stimulus funds. for the economic recovery from the impacts of COVID-19. $ 31 billion of this money has been allocated to schools and approximately $ 1 billion to HBCUs and minority aid institutions in particular.
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