Sunday, 21 September 2014

Thousands received news this week that someone had paid off their student debt.

Thousands received news this week that someone had paid off their student debt. In a move most of us could only dream of, Occupy Wall Street activists abolished nearly $4m (£2.5m) of student debt, leaving nearly 3,000 students free from the shackles of their loans.

It is hoped that the Rolling Jubilee Fund, a project of Strike Debt and Occupy Wall Street, will burst the bubble on student debt and encourage others to take similar action.

An organiser for the movement said, “The Rolling Jubilee doesn’t actually solve the problem. The Rolling Jubilee is a tactic and a valuable one because it exposes how debt operates,”

“It punches a hole through the morality of debt, through this idea that you owe X amount of dollars that the 1% says you owe. In reality, that debt is worth significantly less. The 1% is selling it to each other at bargain-based prices. You don’t actually owe that.”

The Fund managed to buy $3,856,866.11 (£2,343,815.84) in student debt for just $106,709.48 (£64,848.68) in cash.