An organization has wiped out debt for a select group of students.
The Debt Collective, a debtors union advocating for the elimination of all forms of debt, recently collaborated with Morehouse College to erase nearly $10 million in student debt for 2,777 former students. This initiative targeted outstanding account balances that were in collections for the fall 2022 term and earlier. Although the debt erased in this case was institutional debt owned by the college, it’s not federal student debt, it includes unpaid tuition and other school-related expenses.
The Debt Collective’s spokesperson, Braxton Brewington, emphasized the burden of student debt, particularly for Black Historically Black Colleges and Universities (HBCU) graduates, and called upon President Biden to fulfill his campaign promise of canceling all student debt held by HBCU graduates. They urged Biden to address federal student debt for all borrowers, as his initial plan for broad debt cancellation was challenged by the Supreme Court, and the Education Department is currently working on a more limited approach.