Over the last few days, over 2,700 Everest College students woke up to find that someone had paid off their private student debt.
This was no act of goodwill by the government, which is currently suing Everest parent Corinthian Colleges for its predatory lending practices. Nor is it a gift from Everest itself, which is expected to shutter its doors and possibly leave 72,000 students out of their time and tuition.
Instead, the disappearing student loan debt is the second major piece of financial activism by a group of Occupy Wall street activists.
To inspire Americans with student debt to unionize, the Rolling Jubilee Fund, a project of Strike Debt, has purchased and abolished a portfolio of private student loans issued to Everest students.
Strike Debt is also launching a new initiative – The Debt Collective, which will “create a platform for organization, advocacy and resistance by debtors”.