On the third anniversary of the Occupy Wall Street movement, an offshoot group announced that it has erased $3.8 million worth of private student loan debt.
The group, Strike Debt, said in a press release issued on Wednesday this week that its Rolling Jubilee initiative has purchased nearly $4 million in private student debt owed by former attendees of Everest College — an institution run by the massive for-profit education company Corinthian Colleges — in turn freeing those former students from a huge chunk of the burdensome loan bills.
“Jubilant Greetings!” the group wrote to 2,700 former Everest students. “We are writing to you with good news: We just got rid of some of your Everest College debt!”
This week’s announcement is only the latest from the non-profit organization to tout the results of a two-year-old initiative spawned from the Occupy movement that has previously erased more than $15 million in emergency room bills by purchasing debt from the companies tasked with collecting from debtors, then erasing it entirely using donated funds and never forcing the original debtor to pay them back.