What is this?

The Dead Ledger Society is a non-profit organization focused on creative ways to cancel and forgive debt. Our first projects are focused on private student loans.

Why private student loans?

Private student loans do not have the benefits of federal loans. There aren't payment pauses or broad forgiveness or relief from the government. They come with higher interest rates and more challenging repayment terms. Private loans can also be bought and sold on secondary consumer debt markets, which is where things get weird.

Bought and sold on what?

When you miss a bunch of payments on a private loan, the bank might sell the loan for a fraction of the original loan value. Why? Maybe to get some money up front instead of waiting for repayment. Maybe collecting on a delinquent loan is a pain in the ass. Whatever. It's their loan, they can sell it for whatever they want.

... and then?

The debt buyer who purchases a student loan from a bank can do whatever they want with it -- including forgive it outright. That's where we come in. We pay debt buyers to buy loans and forgive them.

... wait, so ...

Yeah! If you have a $50,000 private student loan and stop paying on it, your bank will eventually sell it to a third party debt buyer at a steep discount. Like, $10,000. Or even less. We pay the debt buyer $10,000 plus any applicable fees to make it worth their while ... and voila, your $50,000 loan was paid off for only $10,000.

How is that legal?

Capitalism, baby.

Can I buy my own loan and cancel it?

No.

Why the hell not?

Capitalism, baby.

Now I have a lot more questions.

That's cool. We have answers. Hit us at hello@deadledger.org.

Can I donate to this awesomeness?

Yeah, hit the link at the top of the page.

Is my donation tax deductible?

Yes, your donations are tax deductable. We are a 501(c)(3) non-profit charity, as well as an Oregon non-profit public benefit organization.