Published: Wed, May 22, 2019

U.S. billionaire offsets loans of graduating students

U.S. billionaire offsets loans of graduating students

The internet showered billionaire Robert F. Smith with praise over the weekend after he announced, during the 2019 Morehouse College commencement ceremony, that he and his family would be settling the graduating class' multi-million-dollar student loan debts. Billionaire Robert F. Smith accepted an honorary doctorate at the HBCU on Sunday in Atlanta, and the commencement speaker surprised the almost 400 seniors with the news. This is my class - 2019.

A technology investor and philanthropist has vowed to eliminate the student debt of the entire graduating class of an Atlanta college.

Lawrence, Jr. said he and other students had no clue that Smith was going to make a donation of this size.

The announcement immediately drew stunned looks from faculty and students alike.

Smith told the graduates he knows they will "pay it forward", and added that he hopes "every class will have the same opportunity going forward". According to that financial magazine, Smith's estimated net worth is $5 billion, making him richer than Winfrey, who previously held the title of the wealthiest black person.


"Because we are enough to take care of our own community", Smith said.

"Watch and learn from positive role models, and believe that, they too, are entitled to the American Dream". One in particular took aim at Oprah Winfrey, ordering her - in a bold Instagram comment - to pay off the student loans of the graduates of Colorado College, where she recently spoke.

In an instant, that number vanished. "I don't have to live off of peanut butter and jelly sandwiches".

His mother, Tina Mitchom, was also shocked.

Morehouse College president David A. Thomas said the gift would have a profound effect on the students' futures. "In some ways, it was a liberation gift for these young men that just opened up their choices".

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