Debt Activists Score Big: Cancel $10 Million Student Loan Debt for a Penny!

Quick Smiles:

• Debt activists buy $10 million in student loans for a penny on the dollar
• 2,777 students at Morehouse College have their debt wiped out
• Non-profit debt relief organizations making a difference

In an amazing act of generosity, debt activists have purchased $10 million in student loans for just a fraction of the cost.

Morehouse College, a Historically Black College in Atlanta, was the lucky recipient of this incredible gesture.

The debt, which amounted to around $3,600 per student, has now been completely canceled, giving nearly 3,000 students a brighter future.

The Debt Collective and the Rolling Jubilee Fund were the heroes behind this remarkable purchase. It’s the largest debt relief operation they have ever undertaken, and it’s making a huge impact.

Braxton Brewington, spokesperson for the Debt Collective, expressed their excitement, stating, “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.”

This kind of debt relief initiative is becoming more common in the United States, where the burden of debt is weighing heavily on students, consumers, and patients.

By negotiating flat prices for creditors’ claims, non-profit organizations like Debt Collective and the Rolling Jubilee Fund are able to alleviate some of the financial strain faced by those in need.

It’s not just student debt that is being tackled.

In 2022, GNN reported on the incredible work of RIP Medical Debt, an organization that has canceled a staggering $6.7 billion in medical debt. Large hospital bills often go unpaid, and hospitals are aware that they may never see the full amount repaid.

This has created an opportunity for organizations like RIP Medical Debt to step in and make a difference by purchasing medical debt for pennies on the dollar.

Student debt, although guaranteed by the government and difficult to escape even through bankruptcy, is often considered less valuable to creditors.

This has allowed Debt Collective and the Rolling Jubilee Fund to make extraordinary purchases, sometimes for even less than what RIP Medical Debt can achieve.

Just last year, the two organizations bought $1.7 million in student loan debt from Bennett College for a mere fifty grand.

These acts of kindness and generosity are truly inspiring. They show that with determination and a desire to make a difference, we can alleviate the burden of debt for those who need it most.

Let’s share this heartwarming story and spread the word about the incredible work being done to unburden our students.

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