FEATURING DR. RICHELLE BROOKS - The Debt Collective, a debtors union, recently announced that it had canceled $10 million of student loans at Morehouse College, a historically Black university in Atlanta. After buying up the debts for a mere $125,000, the organization then forgave that debt. Debt collection agencies are allowed to buy bundled debts for pennies on the dollar.
Black borrowers are disproportionately impacted by student debt, both in terms of need and the ability to pay off loans. President Joe Biden made student debt forgiveness a major campaign promise but the U.S. Supreme Court earlier this year blocked his plan after Republican lawmakers filed a lawsuit against it.
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