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Debt forgiveness program to start at Henry Ford, other local colleges

April 30, 2019

Press and Guide

The Detroit Regional Chamber with higher education institution partners Henry Ford College (HFC), Oakland University (OU), and Wayne State University (WSU) announced an innovative new program that will remove a primary barrier to degree completion for thousands of adults in the Detroit region.

The program targets the 693,000 adults across the Detroit region with college credits, but no degree, by offering debt forgiveness of previously incurred educational debt at WSU, OU and HFC provided that students enroll at any of these three institutions, remain current on their new higher education financial obligations, and make progress towards degree or certificate completion.

This effort is part of the Detroit Regional Chamber’s region-wide goal to improve the postsecondary attainment rate from 40% to 60% by 2030. Targeting the 693,000 adults with some college but no degree is a prime opportunity to progress toward the 60% goal.

WSU, OU and HFC have jointly agreed to the following principles:

• Unlimited. There is no cap to the number of students that can participate.

• Flexible. Both community college (maximum debt forgiveness of one half of total outstanding student debt) and four-year university programs (maximum $1,500 of debt forgiveness) included.

• Reciprocity. Participating institutions agree to share academic transcripts with other participating institutions for students enrolled in the program, if students agree to enroll in a payment plan.

“One of the most effective ways to increase our region’s education attainment level is to remove barriers to those adults who already have some college credits to be able to complete their degree or certificate program. This multi-institution debt forgiveness program will be an important element of moving our region’s educational attainment rate to the 60% goal,” noted Sandy Baruah, president and CEO of the Chamber.

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