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Billionaire Robert Smith to pay off Morehouse Class of 2019’s student loans

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Billionaire Robert F. Smith, who received an honorary doctorate at Morehouse College’s Sunday morning graduation exercises, had already announced a $1.5 million gift to the school.

But during his remarks in front of the nearly 400 graduating seniors, the billionaire technology investor and philanthropist surprised some by announcing that his family was providing a grant to eliminate the student debt of the entire Class of 2019.

“This is my class,” he said, “and I know my class will pay this forward.”

The announcement elicited the biggest cheers of the morning.

Tonga Releford, whose son Charles Releford III is a member of the Class of 2019, estimates that his student loans are right at about $70,000.

“I feel like it’s Mother’s Day all over again,” she said.

The gift has been estimated at $40 million.

 

Source and feature image: AJC

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1 Comment

  1. I would love to give back to my community much much more than I do on a weekly basis but because of student loans in my past as well as not properly doing what needs to be done to keep on the same facus…I have to do much much over time to even pay my bills as well as garnishment payments..These student loan garnishment have caused any type of future ownership of a business to be put on hold no matter what on Pittsburgh if those payments are garnished out of ur pay you can not move forward until that loan is taking care of…so I’m gracefully asking to help me continue my future dream.To become a successful self owned black businesses that helps within my community….Thanks for your time..

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