Student Debt Decreasing! well, sort of

$3,856,866.11 – that’s by how much student debt recently decreased!   Rolling Jubilee just bought that much student debt (for pennies on the dollar), thereby eliminating debt of 2,761 people around the country!
Rolling Jubilee had previously raised money to buy portfolios of medical debt on the secondary market and then declined to collect from the debtors. Now they’re turning to student loans,buying almost $4 million in student debt from Everest Colleges for only $100,000. Everest is part of for-profit Corinthian Colleges, which is going out of business after numerous investigations and lawsuits by attorneys general and the U.S. Consumer Financial Protection Bureau.

At the same time, Rolling Jubilee launched a new website, The Debt Collective, uniting people with all sorts of debt.  They proclaim:  “If you owe the bank thousands of dollars, then the bank owns you. But if you owe the bank millions, then you own the bank. Collectively, we own the bank.”