More NJ colleges erase student loan debt with COVID funds

More and more county colleges are reducing student debt in droves using federal relief funds provided due to the coronavirus pandemic.

For 540 qualified Camden County College students, the balance for 2020 spring, summer and fall studies has been reduced to $ 0, the institution said Thursday.

The CCC was able to allocate $ 478,619 of the CARES Act emergency higher education funding to make the move possible.

“We want to use all the resources at our disposal for the benefit of our students and remove any obstacles that may prevent them from pursuing their academic goals,” said CCS President Donald Borden. “The current pandemic has presented us all with many challenges. This is a financial challenge that we can help our students overcome in order to get their education back on track.

According to an announcement made Thursday by Mercer County Community College, the college has given up nearly $ 5 million in “eligible balances such as tuition, fees and other fees” to students enrolled in the past 16 months.

And other student debt forgiveness, worth around $ 6 million, is underway at MCCC.

Financial aid goes to students who demonstrate exceptional need, the MCCC said. To be considered for scholarship funding, students must be enrolled in courses, live and / or online, during the fall semester 2021.

A number of community colleges have announced debt relief initiatives and results in the past few days, including Middlesex College, Bergen Community College, Hudson County Community College, Raritan Valley Community College and Salem Community College.

Contact reporter Dino Flammia at [email protected]

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