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The Debt Collective, an organization that advocates for clearing federal student loan debt, partnered with Morehouse College to wipe nearly $10 million in outstanding balances students owed the institution.
The historically Black university in Atlanta transferred the debts to the Debt Collective’s sister organization, the Jubilee Fund, for $125,000, and the collective cleared the debt of 2,777 student accounts from fall 2022 and earlier, amounting to $9,707,827.67.
“Our nation is defaulting on the promise of education when we burden communities, especially Black HBCU graduates, with crushing amounts of student debt,” Braxton Brewington, a spokesperson for the Debt Collective, said in a press release. “This nearly $10M of student debt cancellation 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.”
“President Biden has yet to make good on his campaign promise to eliminate all student debt held by HBCU graduates,” he added. “We’re doing our part, and it’s time Biden does his. Forty-five million Americans need this relief.”
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