Debt Collective Cancels $10 Million in Student Debt for Morehouse College Graduates

Activist Group Collaborates with Historically Black Colleges to Alleviate Student Debt Crisis amid Struggles of Federal Loan Repayment Resumption and Lack of Broad Relief from Biden Administration.

• The activist group Debt Collective, along with its partner The Rolling Jubilee Fund, purchased and cancelled nearly $10 million in student debt owed by Morehouse College alumni to the institution. Close to 3,000 students who qualified were notified about the cancellation last week.
• This move is part of an effort to help African American graduates from historically black colleges and universities (HBCUs) navigate the resumption of federal loan repayments and the mounting student debt crisis, especially considering that African Americans reportedly bear double the debt of their White counterparts.
• The Debt Collective chose to focus on HBCUs intentionally as black graduates, particularly women, are disproportionately affected by student loan debt due to being underpaid in the workforce and taking longer to pay off loans.
• The cancellation of debt only applies to institutional debt such as unpaid tuition and other school-related expenses, not federal loans. The removal of this debt, however, will provide significant relief for students constrained by their educational debts.
• Despite initiatives from the Biden administration to alleviate student debt, such as the SAVE plan and the formation of the Student Loan Relief Committee, activists point out the urgent need for more comprehensive relief strategies, especially for HBCU graduates.

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