The Morehouse School of Medicine will be sending a stimulus check to its students, aided by the funding from 2 coronavirus relief bills.
The debts on students have reached historic levels and the total debt owed in the US is around $1.7 trillion. Some economists believe that this will become a drag on the economy when the economy recovers.
Rather than going out and spending money to spur growth, millions will spend their income on loan payments which do not provide the same benefits when compared to consumer spending.
Stimulus Check Update: Who Are Eligible?
Students in Morehouse Medical School will receive their stimulus checks by December 15. The medical schools are quite expensive and President Dr. Valerie M Rice stated that the stimulus check aims to assist each of their currently enrolled, degree-seeking students with additional academic, financial, and mental health support costs such as childcare, food, transportation, housing, and healthcare needs. These words come from an e-mail sent to the student body sometime around early December.
Around 90% of the medical students that attend Morehouse will receive this need-based stimulus check, which will help them reduce the amount in loans that they have to pay back, once they graduate.
The funds for this stimulus check come from the Coronavirus Aid, Relief, and Economic Security (CARES) Act which was passed in March 2020. Institutions of higher education were one of the primary beneficiaries of the CARES Act.
Around $14 billion were allocated to the Higher Education Emergency Relief Fund (HEERF) for colleges and students. Under the American Rescue Plan an additional $21.2 billion, were added to the fund. Over 1,700 community colleges and four-year colleges and universities received funding through the HEERF.