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An activist group partnered with Morehouse College to relieve nearly 3,000 college students of student loan debt they owed to their school.
On Monday, the Debt Collective, an organization pushing to erase student debt, announced its collaboration with the Atlanta-based historically Black college to eliminate outstanding account balances for the 2022 fall term and years prior, Business Insider reported.
Morehouse worked with the activism group to provide nearly $10 million in student debt relief to 2,777 former students.
Braxton Brewington, spokesperson for the Debt Collective, said wiping out the outstanding balances would provide Black men and women with more financial opportunities and attain homeownership.
“Our nation is defaulting on the promise of education when we burden communities, especially Black HBCU graduates, with crushing amounts of student debt,” Brewington said in a press release statement, according to Insider.
“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,” he continued. “President Biden has yet to make good on his campaign promise to eliminate all student debt held by HBCU graduates. We’re doing our part, and it’s time Biden does his. Forty five million Americans need this relief,” he added.
Brewington said the organization had done more for Black Americans with crippling student loan debt than Biden, who vowed to cancel these debts during his presidential campaign.
According to reports, Biden promised to eliminate student debt for borrowers from private colleges and universities and private HBCU institutions. However, Brewington believes the president can alleviate Black Americans’ financial burden of student debt.
Meanwhile, the Debt Collective has previously worked with other colleges to erase student debt. Blavity reported that the organization and its sister project, the Rolling Jubilee Fund, partnered with Bennett College in May 2022 to cancel $1.7 million for 462 students at the all-female HBCU.
“We canceled unpaid bills and college debt owed directly to Bennett College. We can’t cancel federal student loans — they’re owed by the government. But President Biden can — and should,” the activist group noted in an Instagram post.
The paid-off debt for Morehouse and Bennett College was outstanding balances owed directly to the school, which doesn’t affect federal loans from the government.
“The fact that a small group of activists can eliminate $10 million dollars in a split second is a reminder of the amazing power the executive branch has to eliminate the crushing weight of student loans for the public writ large,” according to a statement from the Debt Collective obtained by Essence.