2015-02-25 22:24:47
Students and activists are taking direct action over what some have called the nation’s next financial crisis: the more than $1.2 trillion in student loan debt. The massive cost of U.S. college tuition has saddled millions with crushing debt and priced many others out of the classroom. Now, 15 former students of the for-profit Corinthian Colleges system have launched what they say is the nation’s first student debt strike. The students have refused to pay back loans they took out to attend Corinthian, which has been sued by the federal government for its predatory lending. Meanwhile, another activist group has announced it has erased some $13 million of debt owed by students of Everest College, a Corinthian subsidiary. The Rolling Jubilee uses donated funds to purchase debt at discounted prices, then abolish it.
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