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

With money received from the stimulus bills, South Carolina State University decided that it wasn’t such a big deal if some of the students there didn’t finish paying their student loans.

Last week, South Carolina’s only Historically Black College or University (HBCU) announced it would renounce their claim to around $9.8 million in incoming student loan repayments from the accounts of 2,500 continuing students after having received the difference from the federal government, offering vital relief to students trying to work them off in the hardships 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 acting SCSU President Alexander Conyers.

The accounts could be cleared after the university was able to access around $4 million from the Trump CARES Act, and another $5.8 from the American Rescue Plan, passed under Biden.

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

“This is a tremendous weight I won’t have to carry,” Romaun Myers, a junior at SCSU, told the university press. “I’m a first-generation college student, one of the only boys on my mom’s side of the family. I have to make it so I can provide for my family.”

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

Freshman Leslie Young said in the press release that without the cancellation she would have had to sit out the next semester due to outstanding account balances.

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

Well now the chase is back on Leslie, go get ’em!