Today, the Debt Collective, the nation’s first debtor’s union, canceled close to $10 million in student debt for Morehouse College students, a private men’s HBCU in Atlanta.

Student debt has kept nearly 3,000 Black men from receiving their diplomas, accessing transcripts and pursuing a higher education.

“Our nation is defaulting on the promise of education when we burden communities, especially Black HBCU graduates, with crushing amounts of student debt,” said Braxton Brewington, spokesperson for the Debt Collective.

Morehouse students with accounts for the fall 2022 term and earlier will have past debt like tuition costs, parking tickets and library fees canceled.

The debt was erased through the Debt Collective’s sister organization, the Rolling Jubilee Fund, for $125,000 — or a little more than one penny on the dollar.

“Disproportionately women, Black and working class, these borrowers will struggle to live economically secure lives — dragging our nation’s economy down as well. Borrowers need full-scale debt relief to jumpstart the economy and put cash directly in the hands of folks who need it most,” Brewington told Reckon.

The Debt Collective’s gift to Morehouse students comes with no strings attached and means flexibility for former and present students.

“This nearly $10 million of student debt cancellation will put thousands of Black folks in a better position to be able to save for retirement, purchase a home or start a small business. President Biden has yet to make good on his campaign promise to eliminate all student debt held by HBCU graduates. We’re doing our part, and it’s time Biden does his. Forty-five million Americans need this relief,” Brewington said.

Just last year, the Debt Collective canceled $1.7 million in student debt for more than 500 former Bennett College students, a private women’s HBCU in Greensboro, North Carolina.

Read more: What Bennett College debt cancelation means to three HBCU women

With student loan payments resuming in October and millions of federal borrowers facing the weight of their loans, the Debt Collective continues to advocate and push the Biden administration to cancel all federal student loan debt.

Their Student Debt Release Tool, is a petition that allows anyone who has federal student debt to file an application with the Department of Education to demand the full cancellation of their federal student loans is the Debt Collective’s latest tool for debt freedom.