Robert F. Smith, the billionairewho announced to great surprise that he would be paying off the student-loan debtfor each student of Morehouse College’s 2019 class, had one more surprise up his sleeve.
This new program will pay off all of the federal loan debt of the 400 graduating students, and, the university announced, will also cover Federal Parent PLUS Loans — a government loan given to a student’s parents or legal guardian to help them pay for their children’s education.
Smith — the 56-year-old founder, chairman and CEO of Vista Equity Partners — is not only releasing the students from the debt they accumulated while striving for higher education, but the debt their family took on to help them during their pursuit, too.
Marcus Ingram/Getty
“This liberation gift from Robert Smith — the first of its kind to be announced at a graduation in higher education — will be life-changing for our new Morehouse Men and their families,” Morehouse College President David A. Thomas said in the statement.
Robert F. Smith.ichael Loccisano/Getty
Smith — who is worth $6 billion, according toForbes— announced his intention to pay off the students’ educational debt while giving the commencement speech at Morehouse in May.
“On behalf of the eight generations of my family who have been in this country, we’re going to put a little fuel in your bus,” he said, before revealing the grant to cheers and a standing ovation from students and faculty alike.
“This is my class,” Smith said, “and I know my class will pay this forward.”
The surprise announcement sent shockwaves throughout the community, and celebrities likeJamie Foxxpraised Smith for his generosity.
“To know this man is to love him,” Foxx said onInstagram after hearing the news. “The love for people is immeasurable!!! He is lifting us up every day!!! God bless you Robert Smith.”
According toForbes, student loan debt across the country stands at $1.5 trillion and rising, with 44 million people contributing to that amount.
“Where you live shouldn’t determine whether you get educated,” Smith wrote onInstagram after the May commencement ceremony.
source: people.com
