Photo Courtesy of Dayton Daily Newswire
According to a news release, Wilberforce University’s President Elfred Anthony Pinkard announced on Saturday to the 2020 and 2021 new alumni that their debt and other debt owed to the university by students from 2020 and 2021 has been settled and carries a zero balance. The HBCU is located in Ohio.
During the 2021 commencement exercises on Saturday, the president announced that the total amount of cleared debt would be over $375,000.
“As these graduates begin their lives as responsible adults, we are honored to be able to give them a fresh start by relieving their student debt to the university,” President Elfred Anthony Pinkard said.
Students were elated with joy at the announcement, according to WHIO.
However, this initiative does not cover federal loans, bank loans, or personal loans taken out by the student.
The debt forgiveness is limited to fines and fees owed to the university and tuition balances paid directly to the university by students or their parents.
According to the release, various scholarships will cover the debt, such as the United Negro College Fund, Inc., Jack and Jill, Inc., and other funding.
According to the university, Rodman Allen, one of the alumni who graduated Saturday, said he’s going to use the money to invest in his future.
“I couldn’t believe it when he said it. It’s a blessing,” Allen said.
“I can use that money and invest it into my future.”
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This isn’t the first time Wilberforce University lent a helping hand to its students financially during the Covid-19 pandemic.
Last spring, financial aid was provided to Wilberforce students whose bursar office balance would have stopped them from registering for upcoming fall classes. This was made a possibility by the Higher Education Emergency Relief Fund, which was set up through the CARES Act.