$3 Million in Student Loans Abolished By Occupy Wall Street
Occupy Wall Street, a protest movement against social and economic inequality that began in the Wall Street District of New York City 3 years ago, announced that its “Strike Debt Initiative” program has forgiven $3.8 million dollars of private Student Loan debt. The group has been buying the debts at a drastic discount, and then, instead of trying to collect the debt, they are simply forgiving it. In total, the group has spent close to $100,000 to purchase over $3 million in debt.
The debt purchased by the Occupy Wall Street group was owed by people who had taken out private student loans to attend Corinthian College, one of the largest for-profit education institutions in the country. Corinthian has been in serious legal trouble lately due to their questionable business practices.
A famous author, Booker Washington, once said, “The highest criterion of civilization is the willingness to help the less fortunate people.” Occupy Wall Street is using the money they get through fundraisers to forgive debt, and we at Divorce and Mediation Law Firm think this is a great cause.
While debt is an important tool of commerce, our civilization must provide debt relief to many hard-working Americans who experience misfortune due to circumstances beyond their control, and especially those who were cheated by business wrongdoing, as in this case. Otherwise, our commerce will only result in the financial enslavement of many innocent Americans.
If you find yourself struggling with debt due to a lawsuit, including foreclosure, credit card debt, landlord-tenant dispute, or any other legal problem, you can always contact us for a free, private consultation. Please call us at 954-447-2580.