Occupy Student Debt is an organization that is committed to helping eliminate student loan debt. It is no secret that student loan debt is a HUGE problem as it continues to consume borrowers. In fact, new bills and laws are being passed to help protect borrowers who may have been harassed by student loan debt collectors and more.
Occupy Student Debt made an official announcement that it eliminated over $3.8 million worth of private student loan debt in 2014. The movement is best known for paying off student loan debt for borrowers who are unable to pay.
If you fail to make payments on your student loan balance, you will eventually go into default and then you face the wrath of the government’s collections department. Borrowers in default will often see liens, wage garnishments, and seizures of their tax returns.
Not only is this frustrating, it is very scary for those who work hard to simply put food on the table, but then end up losing their check to the government.
Occupy Student Debt helps students through these situations and it has been very evident in their movement that student loans are a massive problem.
The Occupy Student Debt Way
As mentioned earlier, Occupy Student Debt eliminated $3.8 million worth of private student loan debt. The group was able to purchase the debt for pennies on the dollar from debt collectors who now owned the debt.
Once the group finalized the purchase of the debt, they forgave it. It is important to understand that the company is unable to purchase federal student loan debt, but only private student loan debt.
The debt that was purchased by Occupy belonged to roughly 2,700 students who had private loans taken out to attend Everest College. The reason the group focused on Everest was because it is a large-scale for-profit college. (For an update on those Everest students, check out this story here.)
Occupy often uses the name Strike Debt for their campaigns. The money used to purchase the student loan debt has come from different investors and fundraising efforts. In total, Occupy raised over $700,000 to buy student loan debt.
Prior to eliminating private student loan debt, the group focused on unpaid medical bills and eliminated over $15 million worth of unpaid emergency room bills.
What Does the Future Look Like for Occupy and Student Loan Debt?
It would be impossible for one company to completely abolish all of the student loan debt that is out there. Occupy realizes this and they have worked to create a new platform known as The Debt Collective. This is a platform that will bring creditors, lenders, and borrowers together, so terms can be worked out among them to ensure the debt is affordable, manageable, and paid on time.
Occupy Student Debt has worked hard to eliminate some of the debt that looms over students’ heads. They have made progress and helped many borrowers out, but unfortunately, more needs to be done to end the student loan debt problem altogether.