Some lucky TSU students can breathe a bit easier as they move through this semester.
According to a recent announcement from Texas Southern University, the balances owed to the school were forgiven for more than 2,000 students.
The school recently shared via a news release that 900 entering students for the fall semester register without the restriction of financial holds. TSU officials also wiped away balances for another 879 students.
The move comes by way of the federal Higher Education Emergency Relief Funds (HEERF) in which a $2.3 million investment was made into alleviating financial burden for students.
“For many students from traditionally underrepresented groups, one of the major reasons they don’t progress in their educational journey is finances,” said TSU Provost Dr. Carl Goodman in the announcement. “This administrative action means a lot, especially for those students who were in their freshman, sophomore or junior year of study. Too often, if the students are living on campus, they must incur loans. The balance correction affords our students the opportunity to continue with their education and hopefully remain on track to graduate in four years.”
The move come at a time when student debt and other related expenses are wrecking havoc on millions of Americans.
The current student loan debt amount totals $1.77 trillion in the U.S. The average borrower took out $28,950, as ESSENCE previously reported. What’s more, the average student loan payment $460 per month, and it usually takes the average borrower about 20 years to pay off their debts.
After a nearly three year government pause, federal student loan repayment is set to begin next month, leaving many worried about their finances.