According to the video's description, Mr Tapia was at the protests when he hatched the plan to wipe the student debt by stealing the papers. It goes on to say that he wanted to create a work of art to reflect the problem of student debt plaguing the nation.
While his act of defiance will have brought smile to those now debt-free students, it will be difficult for the university to recoup the losses and the higher institution may have to individually sue students to get the get the debt repaid.
There have been protests in Chile since 2011 calling for reform of the university system and for free high-quality education. It was hoped the newly-elected president, Michelle Bachelet, would be bring reform, after a campaign promising drastic change to the education system.
However, two months on, tens of thousands of students have taken again to the street calling again for changes promised.
Last week there were clashes on the street of the Chilean capital, Santiago, as demonstrations turned violent.
Watch: Francisco Tapia explains his actions:
- UK Independent
