Morehouse College, a historically Black, all-men's college in Atlanta, Georgia, has made a groundbreaking announcement that is set to change the lives of thousands of students. In a partnership with the Debt Collective, a non-profit debt relief advocacy group, Morehouse College has pledged to purchase and forgive every single penny of account balances on institutional loans through the Fall 2022 term. According to a statement from the college, this "no strings attached" gift amounts to nearly $10 million of student loan forgiveness on more than 2,700 accounts.

The news of this radical approach to debt forgiveness has left many students, including Jordan Young, in disbelief. Young, who received a voicemail informing him that his $21,000 student debt had been completely wiped out, described the experience as surreal. "I didn't owe $21,000 anymore. I had a zero on my student balance account," he said. "That truly was just a blessing." Young, like many others, expressed his relief and gratitude for the unexpected gift, acknowledging the life-changing impact it will have on his financial future.

The Debt Collective, a "union of debtors" dedicated to abolishing America's soaring debt crisis, launched The Rolling Jubilee Fund in 2012. This fund serves as a mechanism for purchasing portfolios of people's debt on secondary debt markets and cancelling it. By purchasing the debt for a fraction of what is owed and then erasing the remaining balance, the Debt Collective aims to alleviate the burden of debt for individuals. In July, the Fund spent $125,000 to purchase over $9 million of outstanding student debt at Morehouse College, which was immediately extinguished.

Braxton Brewington, a spokesperson for the Debt Collective, highlighted the importance of focusing on relieving debt from public education. In 2022, the organization cancelled nearly $2 million of debt for 462 students at Bennett College, a historically Black college for women. Brewington emphasized that the debt cancellation at Morehouse will put thousands of Black individuals in a better position to save for retirement, purchase a home, or start a small business. Additionally, the debt forgiveness allows students to continue their education without the burden of unpaid balances and access their transcripts.

The Biden administration has been seeking alternative ways to provide relief to student loan borrowers following the Supreme Court's ruling that the administration's debt cancellation plan was unconstitutional. While federal and private student loans are not covered by Morehouse's debt forgiveness initiative, Brewington urged the administration to continue its efforts to cancel student debt through existing programs, regulations, and laws.

The driving force behind Morehouse College's partnership with the Debt Collective is Andrew Douglas, a political science professor at the college. Douglas teaches a class called "Debt and Democracy," which examines the debt abolition movement that emerged during the Occupy Wall Street movement. He believes that education is a public good and needs to be funded publicly. Douglas reached out to the Debt Collective in April 2022 to discuss the idea of cancelling debt at Morehouse and assisting Black men affected by student debt.

However, Douglas also recognizes that debt cancellation is just the first step in addressing the ongoing student loan crisis. He called on Congress and state-level political leaders to fundamentally transform how higher education is financed. He hopes to build on the $10 million in relief at Morehouse by growing the movement for debt abolition, especially among students and alumni of historically Black colleges and universities (HBCUs). Douglas emphasized the need for more pressure on the Biden administration to eliminate existing student debt and establish a more sustainable model of higher education finance.

Jordan Young, who no longer attends Morehouse College but is continuing his studies at Sinclair College, a community college in his Ohio hometown, agrees that more needs to be done to combat the student debt crisis. He shared his frustration at having to take time off from school to improve his mental, emotional, and spiritual well-being due to the burden of debt. However, Young's hope for the future has been restored by the Debt Collective's loan forgiveness. He expressed gratitude for the opportunity to pursue his education without the immense financial strain.

The partnership between Morehouse College and the Debt Collective is a significant step towards addressing the student debt crisis. It not only provides immediate relief to thousands of students but also sends a powerful message about the importance of education as a public good. As the Biden administration continues to explore alternative means of assisting borrowers, the hope is that this partnership will inspire further action and support for debt abolition and the transformation of higher education finance.