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.
The cancellation allows borrowers to access their transcripts and receive their diplomas without thousands of dollars of debt looming over them.
This is one of the single largest debt cancellations that the Debt Collective and Rolling Jubilee Fund have undertaken in their decade-long history of strategically purchasing debt and eliminating it.
The dramatic action offers a burst of energy to the debt cancellation movement in a moment when it appears that the Biden administration has set aside the idea of broad-based student debt cancellation.
“President Biden has yet to make good on his campaign promise to eliminate all student debt held by HBCU graduates,” Brewington said.
Over the past years, Rolling Jubilee and the Debt Collective have bought and canceled millions of dollars in student and carceral debt, freeing tens of thousands of people from crushing debts.
Now, with President Joe Biden’s student debt cancellation plan nixed by the Supreme Court, the Debt Collective has launched a tool for borrowers to get their debt canceled through authority established by the Higher Education Act. »
