Billionaire Announces He Will Pay Off Class of 2019's Student Debt During Commencement Speech
Best graduation present ever?
Morehouse College’s class of 2019 got a welcome surprise on Sunday when their commencement speaker, billionaire Robert F. Smith, said he would pay off their student debt.
Smith is the founder, chairman and CEO of private equity firm Vista Equity Partners. Earlier this year, he was ranked by Forbes as the 355th richest person in the world.
According to the Atlanta Journal-Constitution, Smith said that his family was creating a grant to pay off the student debt of the entire graduating class. The billionaire announced the move during his commencement speech in front of nearly 400 seniors graduating from the all-male, historically black college in Atlanta, Georgia.
“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 gift has been estimated at $40 million, the Journal-Constitution reported.
"My family is going to create a grant to eliminate your student loans!" -Robert F. Smith told the graduating Class of 2019 @RFS_Vista #MorehouseGrad2019 pic.twitter.com/etG8JhVA46
— Morehouse College (@Morehouse) May 19, 2019
A post shared by Robert Frederick Smith (@robertfredericksmith) on May 19, 2019 at 11:13am PDT
Jamie Foxx and Charlamagne Tha God both posted on social media on Sunday to commend Smith.
“To know this man is to love him,” Foxx said on Instagram. “The love for people is immeasurable!!! He is lifting us up every day!!! God bless you Robert Smith,” Foxx also added the hashtags #blackexcellence, #billionaire and #heartofgold.
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Meanwhile, Charlamagne wrote: “This is what a BLESSING looks like. Just a light estimated 40 million dollars in student loan debt paid off. The good brother @robertfredericksmith is worth 4.4 billion and don’t rap, act, or have a jump shot but I’m not Wikipedia go do your own Googles.”
A post shared by Jamie Foxx (@iamjamiefoxx) on May 19, 2019 at 10:06am PDT
A post shared by LENARD (@cthagod) on May 19, 2019 at 9:19am PDT
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“Where you live shouldn’t determine whether you get educated,” Smith, who received an honorary Morehouse College doctorate on Sunday, wrote on Instagram.
“Where you go to school shouldn’t determine whether you get textbooks. The opportunity you access should be determined by the fierceness of your intellect, the courage in your creativity and the grit that allows you to overcome expectations that weren’t set high enough,” he said.
