Occupy abolishes $4 million in other people’s student loan debt

After forgiving millions of dollars in medical debt, Occupy Wall Street is tackling a new beast: student loans.

Marking the third anniversary of the Occupy Wall Street movement, the group’s Strike Debt initiative announced Wednesday it has abolished $3.8 million worth of private student loan debt since January. It said it has been buying the debts for pennies on the dollar from debt collectors, and then simply forgiving that money rather than trying to collect it.

In total, the group spent a little more than $100,000 to purchase the $3.8 million in debt.

While the group is unable to purchase the majority of the country’s $1.2 trillion in outstanding student loan debt because it is backed by the federal government,private student debt is fair game. …

http://money.cnn.com/2014/09/17/pf/college/occupy-wall-street-student-loan-debt/index.html?iid=HP_LN&hpt=hp_t2

 

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