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Wallace State forgives more than $585,000 in student debt

The college forgave student debt for more than 600 of its students.
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HANCEVILLE, Ala. — Wallace State Community College on Monday announced it had cleared the balance of more than 600 students with outstanding accounts.

In total, the college forgave more than $585,000 in student debt. Wallace State said wiping these debts away paves a path for students to further their education, if they want to.

RELATED: Yes, Biden previously pledged to forgive $10,000 of federal student loan debt

“The college is committed to easing the financial burden so many of our current and former students have faced during the pandemic and to removing barriers that prevent students from continuing their education,” said Wallace State President Dr. Vicki Karolweics. “This is just one of many ways we are supporting our students during this time.”

The loan forgiveness was funded by the U.S. Department of Education's Higher Education Emergency Relief Funds (HEERF). 

Additionally, students enrolling in upcoming semesters will be eligible for more HEERF stimulus payments through Wallace State. The college said students will be able to use this funding for any aspect of their education, including tuition, food, housing, course material, technology, health care, child care and other expenses.

RELATED: No, the children of members of Congress are not exempt from repaying their student loans

The school said it will be distributing at least $7 million to students. The school intends to use existing enrollment information when distributing funds, which will automatically go out to eligible students.

More information can be found on Wallace State's website.

IN OTHER NEWS: Alabama State Department of Education launches recruitment campaign