Photo: Ketut Subiyanto | Pexels
In a time where student loans are shrouded in controversy, the Debt Collective is stepping up to make a difference. This debtor's union just wiped out nearly $10 million in student debt for students of Morehouse College, a private men's HBCU in Atlanta, Georgia, U.S.. This effort comes on the coattails of the cancelation in 2022 of $1.7 million in student debt for over 500 past students of Bennett College, a private women’s HBCU in Greensboro, North Carolina, U.S. Nearly 3,000 past and present Morehouse scholars are now free to collect their diplomas, access their transcripts, and pursue higher education without the weight of this debt. The debt was erased through the collective’s sister organization, the Rolling Jubilee Fund, for $125,000 -- just over one cent per dollar -- and comes with no strings attached, giving those receiving it the flexibility to embark on their futures with fresh slate and unencumbered financial ledgers. Braxton Brewington, spokesperson for the Debt Collective said, "This nearly $10 million of student debt cancelation 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."
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