The Debt Collective and Morehouse College have joined forces in an extraordinary partnership that will see the complete elimination of over $10 million in student debt. Morehouse College took the remarkable step of transferring its entire collections for the Fall 2022 term and prior to the Debt Collective’s sister organization, the Rolling Jubilee Fund, for a mere $125,000 —equivalent to just over one penny on the dollar. Subsequently, the Debt Collective has taken swift action to extinguish every penny of that debt.

This initiative is a no-strings-attached gift, effectively clearing 2,777 accounts for the Fall 2022 term and prior, and the Debt Collective has no expectations of reciprocity. Now thousands of Black men who carried this debt burden can now receive their diplomas, access their transcripts, pursue further education, and embark on their life journeys unburdened by crippling student debt.

“Our nation is defaulting on the promise of education when we burden communities, especially Black HBCU graduates, with crushing amounts of student debt,” emphasized Braxton Brewington, spokesperson for the Debt Collective. “This nearly $10 million of student debt cancellation 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. Forty-five million Americans need this relief.”

Last year, the Debt Collective demonstrated its commitment to debt relief by wiping away nearly $2 million in debt held by approximately 500 students who attended Bennett College, a small liberal arts institution for Black women in Greensboro, North Carolina.

In August, the Debt Collective introduced its groundbreaking Student Debt Release Tool, an innovative petition that empowers individuals with federal student debt—from Morehouse College or any other institution—to directly submit applications to the Department of Education. These applications demand the complete cancellation of federal student loans under the legal authority of the “compromise, settle, and release” provision within the Higher Education Act. This authority is the same mechanism that President Biden’s administration is employing in its renewed effort to fulfill the campaign promise of erasing student debt. In less than two months, over 30,000 borrowers have successfully utilized this tool.

This collaboration does not pertain to the cancellation of federal student loan debt but involves debts owed directly to Morehouse College by current (or former) students. The Debt Collective cannot purchase federal student loan debt as it is owned by the federal government.

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