The move wipes out the balances of nearly 3,000 accounts from Fall 2022 and earlier.
Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020, in Washington, D.C.Debt activists have bought out the student debt balances held by nearly all of the attendees of a historically Black college for a penny on the dollar — and canceled it entirely.
With the college’s permission, the Debt Collective then released all of the debt, eliminating the balances of 2,777 accounts from the Fall 2022 term and earlier, no strings attached. This was made possible in part by the fact that the debt was owned by the college and not the federal government. The cancellation allows borrowers to access their transcripts and receive their diplomas without thousands of dollars of debt looming over them.
“Our nation is defaulting on the promise of education when we burden communities, especially Black graduates, with crushing amounts of student debt,” Braxton Brewington, spokesperson for the Debt Collective, said in a statement. “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.
Morehouse’s president, David A. Thomas, said that student debt and the cost of higher education is often a major deterrent for students.
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