National debtors' union erases nearly $10M in debt for Morehouse College students
Morehouse College
ATLANTA - Morehouse students who held a balance with the institution during the Fall 2022 term, or prior, woke up to a blessing Tuesday. A national debtors' union known as the Debt Collective, erased almost $10 million owed across 2,777 accounts in one swift move.
"Now, thousands of Black men can receive their diplomas, access their transcript, pursue further education and move on with their lives," Morehouse College wrote in a statement in response to the news.
Debt Collective promised the generous gift of $9,707,827.67 with no strings attached.
"Our nation is defaulting on the promise of education when we burden communities, especially Black HBCU graduates, with crushing amounts of student debt," said Braxton Brewington, spokesperson for the Debt Collective. "This nearly $10M of student debt cancelation 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. We’re doing our part, and it’s time Biden does his. 45 million Americans need this relief."
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This isn't the first time the Debt Collective cleared money owed by students and graduates of a historically Black college.
Last year, nearly $2 million was erased for about 500 female students who attended Bennett College, a small liberal arts college for Black women in Greensboro, North Carolina.
The organization says its main goal is to empower borrowers and give them the freedom to live without the daily stressor of how they'll afford even their basic needs.
They made a point to note that the payment does not cancel any federal student loan debt. They cannot purchase debt owned by the federal government. It only covers debts owed directly to Morehouse College.