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Mercer Community College erases millions in student debt

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Over the past 16 months, Mercer County Community College (MCCC) has forgiven nearly $5 million in qualified balances such as tuition, fees and other costs to students. Their aim is to remove financial barriers and encourage students to stay in college.
“Mercer has helped literally thousands of overburdened students who were carrying tuition debt and other college-related expenses on their shoulders during COVID-19,” said Mark Banyacski, controller at Mercer County Community College.
The college received an initial round of nearly $2 million in federal funding last year through the CARES Act, which they used to help students.
“Mercer received the federal funding around the middle of May 2020 and within 10 days we had checks in the mail to students,” said Banyacski.

Since then, MCCC has received two more rounds of federal funds – the latest through the American Rescue Plan – and dispersed another $3 million in debt forgiveness. The funds were earmarked to pay expenses from the spring, summer and fall semesters of 2020 and the spring and summer semesters of 2021.
Debt forgiveness at Mercer isn’t based on academic excellence or performance. The monetary assistance is targeted to those students who demonstrate exceptional need.More student debt forgiveness is on the way, according to college officials – about $6 million worth.
To be considered for award funding, students must be registered for classes during the fall 2021 semester. Those classes may be in-person, online or a combination of both.


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