The Phaserl


Occupy’s $4M Shot Across the Bow of Student Lenders

from Who What Why:

If you were counting the Occupy Wall Street movement out of the game of tackling America’s moneyed interests, there are 2,671 people today who can tell you otherwise.

That’s the number of people whose higher education debt just disappeared, thanks to a program by an Occupy offshoot called Rolling Jubilee. The group bought up nearly $3.8 million in defaulted student loans from creditors.

Instead of trying to recover the money, Rolling Jubilee just forgave the debts and announced it to coincide with the third anniversary of the Occupy movement.

The amount Rolling Jubilee abolished is dwarfed by the $1.2 trillion in outstanding student loans, but it’s a symbolic gesture in keeping with the Occupy movement’s tenets of fighting the system. And it’s designed to shed light on what could be yet another economic bubble waiting to burst.

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