Thousands of former Morehouse students to have debt wiped
ATLANTA, Ga. (Atlanta News First) - Thousands of former Morehouse college students will soon be debt-free.
The HBCU has teamed up with an organization called Debt Collective which is wiping out debt.
Andrew Douglas, a political science professor, spearheaded the effort.
“Debt has just become such a part of everyday life, which is not to say that it’s less than a source of trauma and stress for their families,” Douglas said.
Debt Collective is a union of debtors who have united for change in the financial system.
The group works to cancel out debt they feel is unjust and in this case, high student loan payments.
Douglas said Morehouse sold $ 10 million of the unpaid debt to the collective.
“It helps them rebuild their credit, if that was a factor in credit scores, clear their account balances at the school, allowing them to get transcripts, allowing them to re-enroll if they want to finish degrees,” Douglas said.
Anyone who has an outstanding balance at the university from fall 2022 and beyond will be forgiven.
Around 3,000 alumni will have their balances cleared.
Douglas said that ranges from parking tickets, unpaid library balances and tuition.
Douglas said the program is one of the ways he’s working to broaden his strategy regarding student debt.
“Black student borrowers are disproportioned by student debt. They have a much harder time paying off their student loans,” Douglas said.
Those who qualify will receive a letter in the mail soon.
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