With the help of cash from two coronavirus relief bills, the Morehouse School of Medicine will deliver a stimulus check to its students.
Student debt has reached historic highs, with a total debt of $1.7 trillion due in the United States. Some analysts fear that once the economy recovers, this will become a drag on the economy.
Rather than spending money to spur growth, millions of people will put their money into loan payments, which do not give the same benefits as consumer spending.
Stimulus Check Update: Who Are Eligible?
By December 15, Morehouse Medical School students will have received their stimulus checks. The stimulus check will help each of their presently enrolled, degree-seeking students with additional academic, financial, and mental health support costs such as childcare, food, transportation, housing, and healthcare needs, according to President Dr. Valerie M Rice. These are the statements from an e-mail issued to the entire student body in early December.
As per Digitalmarketnews, approximately 90% of Morehouse medical students will get this need-based stimulus check, which will assist them to minimise the number of student loans they will have to repay once they graduate.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed in March 2020, provided the funds for this stimulus check. One of the key beneficiaries of the CARES Act was higher education institutions.
The Higher Education Emergency Relief Fund (HEERF) received approximately $14 billion for colleges and students. An additional $21.2 billion was added to the fund under the American Rescue Plan. The HEERF provided money to over 1,700 community colleges and four-year colleges and universities.