Smith announcing to pay off the student loan:
Video Credit: Courtesy Morehouse college
A billionaire and the founder, chairman, and CEO of a private equity firm named Vista Equity Partners has pledged to pay off the student debt for every member of college’s 2019 graduating class.
During his commencement speech at Morehouse College in Atlanta, billionaire philanthropist Robert F. Smith announced to pay off the student loan for every member of Morehouse college’s 2019 graduating class.
More than 430 students are earning degrees on Sunday. It will cost Smith approximately $40 million.
In his speech, he said: “On behalf of the eight generations of my family who have been in this country, we’re gonna out a little fuel in your bus.”
“Now I’ve got the alumni over there. This is a challenge to you, alumni. This is my class, 2019. And my family is making a grant to eliminate their student loans.”
He left everyone shocked by the announcement.
Morehouse College president David A. Thomas said that ‘it was a liberation gift for these young men that just opened up their choices.’
Smith received an honorary doctorate from Morehouse during the ceremony. He told the graduating class the importance for African Americans to ‘acquire the tech skills and be the beneficiaries in sectors that are being automated’.
He said: “You are responsible for building strong, safe places where our young brothers and sisters can grow with confidence.”
“Watch and learn from positive role models, and believe that they too are entitled to the American Dream.”
He also said that he hoped ‘every class has the same opportunity going forward.’
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