Lincoln University said Thursday that it is wiping out $1.5 million in student debt using federal coronavirus relief funding.
The money covers the debts of about 930 students who owe money for semesters from spring 2020 through this summer. The university said in a news release that the move "provides one less worry for students in these current times."
Lincoln University had 2,851 students enrolled in the 2019-2020 school year -- the most recent figure available.
“Paying for college has long been a point of concern for far too many of our students, but even more so as we deal with the economic issues the pandemic has caused,” Dr. John Moseley, interim president of Lincoln University, said in a statement. “Our founders used the funds they had to provide the opportunity of education back in 1866. We are doing the same for our students in 2021, thanks to the CARES Act.”
The university will eliminate the debt for those semesters with no action required by students, according to the release. The process should be complete by Aug. 6, which the university says will remove an obstacle for students registering for fall classes. Classes begin Aug. 16.
The debt elimination does not include balances for the fall 2021 semester. The university says students who owe money for fall should contact the Office of Financial Aid to see how CARES Act funding can be used.
