WASHINGTON — Washington College in Maryland is helping some of its students find student loan relief with a fundraising program called “Dam the Debt.”
Sheila Bair, who chaired the Federal Deposit Insurance Corporation from 2006 to 2011, was named Washington College president last fall and initiated the program shortly after. The program has already raised $1 million and hopes to double that.
Both corporate and private donors are funding the initiative.
Dam the Debt will reduce $313,933 worth of federally subsidized loans for the spring 2016 semester for 119 qualifying Washington College students. The average reduction will be $2,630, or about 10 percent of a student’s total federal loan burden.
The aid comes in the form of a grant from the college. In order to qualify, students must have taken out federally subsidized loans for the spring 2016 semester, and meet all requirements to graduate on time in May.
Washington College is the nation’s 10th oldest college, founded in 1782. About 1,450 undergraduate students attend the Chestertown, Maryland, campus.
Editor’s note: This story has been updated to correct the spelling of Sheila Bair’s name.
