Rutgers turned down the chance to erase at least $2 million in student loans. Why?

For his last semester at Rutgers in 2018, Reet Starwind took a semester abroad, ending with a two-and-a-half-week visit to Ireland. Because his mother worked in the Rutgers system, he received free tuition and had not realized there were any extra charges for the trip.

University spokeswoman Dory Devlin said various teams, including Finance, reviewed the proposal but determined it would be “an asset sale without precedent at other major public or private universities.” Taylor described the meeting as very positive, and school officials said they would respond to the offer in two weeks. She said she explained that the $50,000 offered was part of a large donation from an anonymous donor who wanted to reduce personal debt in many parts of society during the pandemic and that the donor wanted the money spent by the end of March.

On March 21, Taylor received an e-mail from Rutgers saying the proposed arrangement would be considered a sale of assets rather than a philanthropic interaction and that the university would not be pursuing it further. The Consumer Financial Protection Bureau said such transcript holds could force students to take duplicate courses or stop attending college altogether.

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