Morehouse College Launches Program To Erase Student Loan Debt For Their Grads
Morehouse Collge has established a program to eliminate student loan debt for their alumni. Black Enterprise reports that the Morehouse College Student Success program will function as a fundraising initiative and will accept donations to help erase debt for Morehouse men.
“The Morehouse College Student Success Program will provide students with a liberating gift that will wipe away or greatly reduce their student loans, allowing them to pursue their dreams and lead lives of leadership and service immediately after graduation,” David A. Thomas, president of Morehouse College, said in a statement. “We, at Morehouse, see the Student Success Program as an important step toward improving outcomes for our graduates and addressing the income disparities that people of color experience when they are overburdened by debt.”
This program comes at a crucial time where student loan debt is a major burden on college graduates. In the U.S, student loan debt is at an all-time high with students owing $1.5 trillion. Morehouse grads carry $35,000 to $40,000 in student loan debt.
Morehouse is following up billionaire Robert F. Smith’s efforts to wipe out debt for Morehouse graduates. At their graduation back in May where he was the commencement speaker, he announced that he would be putting up $40 million to take care of their debt.