Fayetteville State University Clears Over $1.6 million in Outstanding Balances for nearly 1,200 Students, starting Fall 2022 with a clean slate
Fayetteville, N.C. (July 05, 2022) — With average student loan debt nationally greater than $37,000 in 2022, financial constraints can mean the difference between a student continuing their education and graduating — or not. On the heels of our nation celebrating Independence Day, however, leaders at Fayetteville State University are removing financial barriers to ensure students continue their progress towards a degree.
For the second straight year, FSU is applying pandemic relief funding to clear outstanding balances for students who attended the university from Summer 2021 through Spring 2022. Last summer, FSU applied $1,629,228 to clear the balances for 1178 students during this time, enabling them to return to school this fall without worrying about additional debt. Combining this summer (2021 and 2022), FSU has cleared more than $3,283,187 in total outstanding balances for 2367 students.
The University applied funding from The Higher Education Emergency Relief Fund III (HEERF III), part of the American Rescue Plan signed into law on March 11, 2021.
“Financial barriers are the number one obstacle our students must overcome to achieve their dream of earning a college degree,” said FSU Chancellor Darrell T. Allison. “We will do all we can to help keep our costs down for our students making their path to a degree more accessible. Assisting in our students’ financial independence in such a tangible and meaningful way is not only rewarding, but also the right thing to do.”
FSU is also playing a significant role in curtailing higher education costs and making a college education even more attainable as an NC Promise school. Beginning fall 2022, not only will returning students have zero balances on their accounts, but tuition rates will also be reduced to $500 for North Carolina students and $2500 for out-of-state students. That translates to a savings of nearly $2,000 for in-state students and nearly $10,000 for out-of-state students in tuition alone for the academic year. Moreover, for qualified military connected students (veterans, active duty, spouse and dependent), tuition will be free.
“Access and affordability are crucial to student success and rank among FSU’s top priorities,” said Jennifer K. Addison, controller in the FSU Office of Business and Finance. “Our ability to resolve these past balances is a game-changer for our students — leveraging this funding to meet their needs is a major step towards ensuring our students continue their education and graduate.”