Community College of Philadelphia will pay off $1.4 Million in outstanding student account balances
Last July the college paid off $2.75 million in outstanding account balances of nearly 3,500 students using HEERF II funding.
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The Community College of Philadelphia recently announced that it will be paying off over $1.4 million in outstanding account balances.
This payment will help approximately 1,900 students who have been struggling with paying off their loans.
The money is coming from institutional federal funding via the Higher Education Emergency Relief Fund III, included in the federal American Rescue Plan.
Eligible students must have been enrolled in the college program in the Summer 2021 or Fall 2021 classes. Remaining balances and book tuition will be completely paid off. Once the remaining balances have been paid off, students can then be able to register for Fall 2022 classes.
This is the second year in a row where CCP students received student loan forgiveness.
Last July, the College announced that it had paid off $2.75 million in outstanding account balances of nearly 3,500 students using HEERF II funding.
College President, Dr. Donald “Guy” Generals said another reason why the financial pay off is so beneficial is because of the rising prices in essentials such as gas, groceries, and much-needed baby formula.
Nationwide inflation has been a major stressor for Americans all over the country.
“Last year, the College made the conscious decision to pay off the outstanding account balances of about 3,500 of our students – many who were devastated by the COVID-19 pandemic,” said Generals. “This year our students are facing yet another financial roadblock: record-high inflation. They are forced to juggle their education, work, and their families in addition to the rising cost of housing, transportation, and groceries.”
He also said that the financial forgiveness will also help parents who have been taking college courses.
“Like most Americans, our students are feeling the pressure in our current economy,” he said. “We simply want to make it easier for them to complete their degree or certificate programs so they can start earning family-sustaining wages.”
The Community College of Philadelphia is also raising money for its foundation in order to provide its students and faculty with equipment, scholarships, and other important necessities.
Approximately 10,608 of the college’s student body are full-time equivalent students, and approximately 19,265 students are enrolled in credit classes.
The first day of classes for the Fall 2022 semester is Tuesday, Sept. 6. For more information about the college’s offerings, visit its website.