Occupy Wall Street buys, forgives almost $4 billion in student loan debt

Fortune

This post is in partnership with Time. The article below was originally published at Time.com

By Sam Frizell, TIME

An Occupy Wall Street campaign says it has abolished almost $4 million in student loan debts, in a Tuesday announcement marking the third anniversary of the Occupy protests that brought renewed attention to the issue of income inequality.

The Rolling Jubilee Fund, an initiative of the Occupy movement, has been accepting donations and buying up student loan debt for pennies on the dollar from debt collectors, and then forgiving the loans altogether. The group has spent about $107,000 to purchase$3.9 million in debt, organizers said.

The debts were held by students who attended Everest College, a for-profit institution part of the Corinthian Colleges [fortune-stock symbol=”COCO”] network. The fund called Everest College a “predatory” institution that is helping fuel the $1.2 trillion in total student loan debt in the…

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