Schools Training

Rolling Jubilee Project Abolishes Student Debt

18 SEP 2014
Career Path : Education News

Student debt in the U.S. is over one trillion. What many don’t want to admit is that this is a crisis. The fact that young people are in such huge debt at the beginning of their life and that there are debt collectors on their case from the moment they leave school, is a shameful aspect of the North American school system. To make this worse, a common legal proceeding in the U.S. is for debt collectors to buy debt from banks for pennies, and then they turn around and harass students into paying the full debt towards them.

Amidst this dark situation, some students have found themselves lucking out with a surprising twist of fate—a sudden reduction in their debt. This is thanks to the work of the Rolling Jubilee, a project which buys debt from collectors and pays it off for students. The selection is at random and they may abolish all or some of the debt, depending on the amount. Since their beginning in 2012, Rolling Jubilee has abolished $12 million in personal debts.

Rolling Jubilee is a project of Strike Debt, a movement of debt resistors. They advocate as a function of Occupy Wall Street, refusing to accept the current environment where debt of the 99% fuels the power of the 1%. The organization has written a debt resistor’s manual which reveals how the debt system works to further inequality, and provides strategies for fighting debt.

Rolling Jubilee has for now stopped accepting donations as they work on the next part of their movement, called the Debt Collective. The Debt Collective works to empower citizens about debt and give them the knowledge to resist debt collectors and unfair debts. The program also advocates for causes like free education and universal healthcare.

Source: NPR