In February 2015 Strike Debtв??s Rolling Jubilee purchased $14 million of student debt that was in default and abolished it with no strings attached. The debt was generated by the private, for profit Corinthian College network that is currently under investigation for fraud. At the same time the Debt Collective was launched with 15 former Corinthian students refusing to pay their debt. Since then the Debt Collective has organized students to testify against odious, unjust debt at a Department of Education meeting in Los Angeles and a hearing at the Consumer Fraud and Protection Bureau in Washington DC.
Today the Debt Collective has over 100 members who refuse to pay their debt. While the government is bailing out Corinthian College, the students, who were fraudulently recruited, are still obligated to pay for their loans. This is absurd but the reality of globalization and neoliberal policy. Privatization, financialization and perpetual debt entrap young people who are told that they must have a college education to succeed. This is why the Debt Collectiveв??s goal goes beyond students ensnared in Corinthian College debt; we are calling the abolition of all student debt and for fee public universities. The current $1.2 trillion of student debt is a small fraction of bailout of Wall Street and transnational corporations. Today the government is bailing out Wall Street with $85 billion a month in Quantum Easing, half of this would pay for a year of public university education.