A nonprofit group led by Occupy Wall Street activists has bought up and canceled nearly $4-million in tuition debt for students at a for-profit college, The Guardian and The Huffington Post report. The Rolling Jubilee Fund said Wednesday that it had purchased, at pennies on the dollar, a $3.85-million portfolio of unpaid bills for more than 2,700 students at Everest College.
Rolling Jubilee is a project of Strike Debt, a campaign born out of the Occupy movement that seeks to organize debtors. It was launched in late 2012 and last year similarly did away with $14.7-million in unpaid medical and other bills for thousands of people. The group has raised hundreds of thousands of dollars to pay off millions in debt in what organizers say is an effort to expose how wealthy loan providers and financial firms profit from the debt market.