The group has since decided to use the leftover money to alleviate that $13 million in debt, a decision it made public today. But Monday’s announcement also signifies the culmination of the Rolling Jubilee debt-elimination initiative, as it shifts its focus to the loan strikes. "We knew that Rolling Jubilee was simply a tactic," Larson said. "We wanted to get past the donate button and build a membership organization—something that people can actually join and provide a platform of political engagement that would unite people across party lines."

The idea behind Debt Collective, which officially launches today, is simple: to create an organization that brings together people with massive student debt so that they can force change. "If you owe the bank thousands of dollars, then the bank owns you. But if you owe the bank millions, then you own the bank," its website says. "Collectively, we own the bank."



For now, Debt Collective is focusing on for-profit colleges, taxpaying vocational schools that in recent years have come under major scrutiny for allegedly engaging in predatory practices including fraud and nefarious debt-collection strategies. A number of institutions are under investigation for engaging in predatory lending schemes by enticing low-income people with false promises of fulfilling post-graduation careers.

Many of the institutions' commercials feature inspiring narratives designed to resonate with demographics that tend to see higher education as unattainable, often spotlighting minorities as spokespeople. One of the more popular Everest College commercials, for example, has gained a good deal of notoriety for its guilt-inducing rhetoric: "You’re sitting on the couch, you’re watching TV, and your life is passing you by," says an African American man in a parking lot, essentially shaming viewers for not taking control of their lives. Another commercial depicts Johnny Cano, a Latino man who spends the duration of the ad extolling the benefits of attending Everest. It’s worth noting that when Cano begins talking about the school’s career services, a brief two-second disclaimer appears on the screen: "Employment is not guaranteed but career services help is available to graduates."

But these tactics are coming under increased scrutiny. Just last week the Toronto Star reported that Ontario’s Ministry of Education is closing all of Everest College’s 14 campuses in the Canadian region. Reza Moridi, the minister who oversees higher education, told the Star, "I understand that the independent superintendent ... made this difficult decision with the best interests of students in mind … Taking action now will give students the choice to either access transitional funding to complete their training at another location, or apply for a refund."



The news marks yet another blow for Corinthian College, Inc., the embattled company that owns several for-profit higher-education institutions, including Everest. The U.S. government restricted funding for Corinthian colleges last June in response to allegations that the institution was using distorted job-placement data in its marketing materials. A few months later, in September, the Consumer Financial Protection Bureau sued Corinthian for similar allegations, such as engaging in illegal predatory-lending schemes, using false advertising to guarantee tenuous job prospects, and persuading tens of thousands of students into taking out private loans. The suit also contended that the institution engaged in illegal debt-collection tactics by bullying students into paying back loans while they were still in school. The case is ongoing but the bureau have already secured $480 million in debt relief for graduates.* What’s more, the NASDAQ recently delisted the company from the stock exchange because it failed to file a series of financial reports with the Securities and Exchange Commission on time.