An Occupy Wall Street campaign says it has abolished almost $4 million in student loan debts, in a Tuesday announcement marking the third anniversary of the Occupy protests that brought renewed attention to the issue of income inequality.
The Rolling Jubilee Fund, an initiative of the Occupy movement, has been accepting donations and buying up student loan debt for pennies on the dollar from debt collectors, and then forgiving the loans altogether. The group has spent about $107,000 to purchase $3.9 million in debt, organizers said.
The debts were held by students who attended Everest College, a for-profit institution part of the Corinthian Colleges network. The fund called Everest College a “predatory” institution that is helping fuel the $1.2 trillion in total student loan debt in the United States.
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“We chose Everest because it is the most blatant con job on the higher ed landscape,” the organizers said. “It’s time for all student debtors to get relief from their crushing burden.”
The debt belonged to 2,761 people who had taken at loans at Everest College. The group is only able to purchase private student debt, not the majority of outstanding U.S. student debt that’s backed by the federal government. Corinthian Colleges told CNN it stands by the “high-quality” education it provides and denied charges of predatory lending.