I don’t know how many of you pay attention to the news, but billionaire, Robert Smith paid off the student loans of the entire graduating class of 2019 at Morehouse college. Student loan debts are now the largest form of consumer debt other than mortgages. It is the only consumer debt that has grown since the financial crisis of 2008. His gift to this graduating class is monumental. However, debt cancellation is nothing new.
In the bible, there was a year of “jubilee” that occurred every seven years. Debt- slaves would be emancipated. Debts would be cancelled. In Babylon, when new rulers took the throne, they would begin their reign with debt amnesty. The logic to the debt cancellation was simple. It was good for the country, and more importantly, it was good for the economy.
Jesus came over 2000 years ago to pay a debt as well. He came to pay a spiritual debt. One that required life for a life. He gave his life for the redemption of sin. Robert Smith’s gift reminds me that God is still a debt- cancelling God. He can pay off mortgages, credit cards, and student loans. He can save us from our sins, and give us amnesty.