February 12, 2024 at 4:37 pm

Debt Activists Bought $10M In Student Debt For Just $125,000 And Wiped It All Away

by Laura Lynott

Source: Pexels/Karolina Grabowska

For any of us that went to college, the debt that’s left behind can really drag you down for life, preventing you from moving on.

Well, this is a hugely cool thing! Debt activists – who knew that was a thing – bought up $10 million of debt in collections from Morehouse College for just $125,000 to help black students and graduates move on with their lives debt free!

Source: Unsplash/Nqobile Vundla

truthout.org reported that the debtors’ union, Debt Collective, bought the debt with sister group, the Rolling Jubilee Fund from the liberal arts college in Atlanta.

Braxton Brewington, spokesperson for Debt Collective had this to say about the amazing cancellation:

“Our nation is defaulting on the promise of education when we burden communities, especially Black graduates, with crushing amounts of student debt. This nearly $10M of student debt cancellation will put thousands of Black folks in a better position to be able to save for retirement, purchase a home or start a small business.”

Source: Unsplash/Rochelle Nicole

The media outlet reported that the balances of almost 2,777 accounts had been paid up from 2022 and earlier.

Most importantly, those people can now get their diplomas and transcripts without any worry about paying off their debt.

We need more of this type of thing. It would help so many people who are struggling.