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Occupy Wall Street celebrates 3-year anniversary by forgiving $4 million of student debt

"Being forced into debt for basic social services is a systemic problem."

By Matt Bradwell
Adbusters magazines founder Kalle Lasn and credited creator of the Occupy Wall Street movement. UPI/Heinz Ruckemann
Adbusters magazines founder Kalle Lasn and credited creator of the Occupy Wall Street movement. UPI/Heinz Ruckemann | License Photo

NEW YORK, Sept. 17 (UPI) -- Three years after Occupy Wall Street popularized the term "the 99 percent," the movement is celebrating its anniversary by helping eliminate student loan debt.

Just as its been doing with outstanding medical debt, Occupy Wall Street has been buying large quantities of student loan debt for a fraction of the value. Once the sale is finalized, rather than collect the owed money, Occupy forgives the loan.

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Although the majority of the United States' $1.2 trillion in student debt is owed to the federal government, any private lender is free to sell its collection rights to the highest bidder.

Thus far Occupy-backed Strike Debt has purchased $3.8 million in student loans for just over $100,000. The forgiven debt offers relief for 2,700 Everest College students victimized by owner Corinthian Colleges predatory recruitment and lending practices.

"Despite Corinthian's dire financial straits, checkered past, and history of lying to and misleading vulnerable students, tens of thousands of people may still be liable for the loans they have incurred while playing by the rules and trying to get an education," a Strike Debt member told CNN Money.

"Debt is the tie that binds the 99 percent, whether you are a student delinquent on your student loans or a parent struggling to pay healthcare bills," added Strike Debt member Ann Larson in a formal statement.

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"Being forced into debt for basic social services is a systemic problem."

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