From Huffington Post,
“Strike Debt, a group of anti-debt activists born out of the Occupy Wall Street movement, said it purchased $3.9 million in delinquent private student debt and immediately canceled it.
The debt, which came in the form of unpaid tuition receivables from Everest College, a for-profit school operated by the Corinthian Colleges chain, was purchased in May for about $107,000, the group said. The purchase was funded entirely by donations.
The Rolling Jubilee Fund, a nonprofit formed by Strike Debt with the sole purpose of buying and abolishing debt, canceled an average of nearly $1,400 in debt held by more than 2,700 students. About 99 percent of the unpaid bills were from last year and 2012.”
Student loans are one of the biggest scams that redistribute income from the 99 to the 1 percent, and this scam was developed by, you guessed it, Wall Street schemers. The schemers figured out that Wall Street investment banks could purchase student loans way back in the early nineteen eighties, and then issue bonds to rich investors backed by the student loan payments made by the loan recipients and guaranteed by the federal government. It was easy money. Wall Street hacks took their case to congress and to President Reagan way back then, and bought favors including sharply reducing federal grants to students, forcing them to take out more student loan debt, and enriching rich investors in the process.
Today student loan debt exceeds $1.3 trillion and surpasses the total amount of credit card debt. Student loans are among the most insidious income redistribution scams.
Click the following link to read more on this. Occupy Wall Street buys and cancels student loan debt–Huffington Post
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