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.
— Morehouse College (@Morehouse) May 19, 2019
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