New York University to write off $ 125 million student debt
'30.07.2021'
Nurgul Sultanova-Chetin
The City University of New York (CUNY) is using federal cash support to write off up to $ 125 million in student tuition debt. How this process will take place, the publication told New York Daily News.
The program will automatically cancel all outstanding tuition fees and fees that New York City University students had to pay between March 2020 and May of this year. Officials said the program could reach up to 50 students and called it the largest project of its kind in the country.
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“The COVID-19 pandemic has caused hardships in the lives of so many New Yorkers. And our students were among the hardest hit, ”said New York Governor Andrew Cuomo. “This landmark new program eliminates millions of dollars in outstanding debt. It provides much-needed help to tens of thousands of CUNY students as they work to get back on their feet after the pandemic and plan for their future. ”
The program automatically writes off all outstanding debts to students with a reasonable financial need. It includes those who are eligible for federal Pell grants and the Tuition Assistance Program.
The program will also write off the remaining tuition fees for CUNY graduates who graduated during the pandemic.
Students who owe money but are not eligible for debt cancellation based on financial need are still eligible to apply if they can prove that they experienced economic losses through health care costs or job losses during the pandemic.
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Eligible students who pay full tuition and fees will receive $ 200 in support. They are also eligible for additional federal grants in the fall.
CUNY's undergraduate tuition fees are approximately $ 7000 per year for New York residents and $ 18 per year for out-of-state students. More than two-thirds of CUNY students do not pay out-of-pocket tuition thanks to grants and aid.
CUNY officials say the average student debt balance is around $ 2000 per student. Debt write-offs cannot be used to pay off private loans.
