The BOLD Compact institutions would forgive up to $2,500 per semester, or $5,000 in total, in institutional debt for costs such as unpaid tuition, parking fines and room and board. Students may also qualify for an additional $2,000 one-time state grant, for a total of $7,000 in student aid that does not need to be repaid, the Ohio Department of Higher Education said.
“There are 1.6 million Ohioans with some college but no degree,” said Ohio governor Mike DeWine. “I want each of them to have the opportunity to live up to their God-given potential and finishing their degree can play a huge part in that.”
Nationally, about 38% of the population over 25 had at least a bachelor’s degree in 2021, according to the U.S. Census Bureau. In Ohio, that percentage is smaller, at about 29%, according to the same source.
Many jobs considered in-demand in Ohio are careers like teaching and nursing, which require a bachelor’s degree, or a trade like HVAC, which some community colleges offer.
Ohio Department of Higher Education spokesman Jeff Robinson said this program is a voluntary program among colleges and universities and no new state funding has been provided to establish the Ohio BOLD Compact.
Robinson said states with a higher percentage of people with degrees are better placed economically, and with two large employers, Honda and Intel, announcing factories in Ohio, the need is more urgent.
“Employers in need of filling high-demand jobs often require associate or bachelor’s degrees for their employees,” he said. “The Intel and Honda announcements have created an even greater sense of urgency to encourage degree completion.”
To qualify for the up to $5,000 in BOLD Compact debt relief, students must not have completed their degree, must have enrolled previously at one of the six institutions, must have stopped out of college for three semesters or more (i.e. one full year), have outstanding institutional (not federal) debt, and at least a 2.0 grade point average.
To qualify for the separate $2,000 Ohio Second Chance Grant, students must have stopped out of college for at least two semesters and, as part of the grant process, re-enroll within five years at the same or different institution.
How to apply
Go to the Strategic Ohio Council for Higher Education, or SOCHE, website, soche.org.
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