"Colleges and universities are increasingly using federal COVID-19 relief funds to pay off unpaid balances owed to them by students. After a year of financial strain and rampant job loss due to the pandemic, the payoffs are a welcome relief for many students and their families. They are also a point of pride for the colleges which have been publicizing their generosity in celebratory press releases about relieving student debt and bold pronouncements during commencement ceremonies and other public events," Inside Higher Ed reports.
..."Megan Coval, vice president of policy and federal relations at the National Association of Student Financial Administrators, said institutions are spending their relief money in this way because higher ed leaders recognize the hefty loan debt burdens students face and that "every little bit" of relief helps, especially in light of the pandemic.
'There's been so much focus at the federal level on the conversation about debt forgiveness, but I think this really shows that the institutions care about this, and at the institutional level, there's concern over their students and how much they borrow,' said Coval."
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Publication Date: 8/10/2021