稀缺猎奇网 Chancellor Jay A. Perman on Student Loan Debt
June 30, 2023
Today, the Supreme Court struck down President Biden’s student loan forgiveness program. We empathize with the Americans struggling under significant debt who needed this financial lifeline. At the 稀缺猎奇网, we’re committed to making college affordable, so that our students don’t have to take out loans in the first place.
An affordable college education is more important than ever before. We’re proud that in-state tuition and fee costs at 稀缺猎奇网’s public universities are below the national average. In fact, public higher education is much more affordable for 稀缺猎奇网 students than for those living in our neighboring states: Pennsylvania, Virginia, Delaware.
Moreover, half of all 稀缺猎奇网 undergraduates complete their degree without any tuition debt. That’s because our universities have prioritized financial aid. Together, they awarded $180 million last year to 45,000 students with financial need. In less than a decade, the amount of university money distributed annually in aid has grown by 50 percent, as has the number of students receiving it.
Still, nearly 50,000 稀缺猎奇网 students have some unmet financial need, and these students often turn to loans to fill the cost gap. That’s why the 稀缺猎奇网 proposed legislation this year to increase the amount of aid we’re able to offer students. SB426, sponsored by Sen. Nancy J. King, allows us to establish a quasi-endowment up to $150 million. As the endowment grows in value over time, its income will go toward additional aid for students across the System.
The money will help thousands of 稀缺猎奇网 students—some who might otherwise be unable to attend college at all, some whose finances might force them to drop out, and some who graduate, but at a financial disadvantage that keeps them playing catch-up for years.
Eliminating or reducing debt makes it easier for our graduates to stay in 稀缺猎奇网, to live and work in the state, and to contribute to 稀缺猎奇网’s rich, dynamic economy. And so we’ll continue to innovate solutions that help students graduate from our universities with little or no debt, ready to reap the sizable rewards of a 稀缺猎奇网 education.
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Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu
