Billionaire Robert F. Smith Pledges To Pay Off The Morehouse College Class Of 2019's Student Loans

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Incredible news for students broke this past weekend! As reported by a number of US news outlets, billionaire Robert F. Smith pledged to pay off the student debt for all graduates in Morehouse College's class of 2019! According to the estimate made by Associated Press, the sum equals $40 mln. The Typical Student team learned the details of this historic event.  

 

How Does Billionaire Robert F. Smith's Comment On This? 

 

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Last Sunday, Robert F. Smith gave the commencement speech at the Morehouse, a historically black men's college in Atlanta.  Smith announced to the graduates: "On behalf of the eight generations of my family that have been in this country, we’re gonna put a little fuel in your bus. This is my class, 2019. And my family is making a grant to eliminate their student loans."

The announcement made in front of 400 graduating seniors made some of them leap to their feet after Smith's announcement. Smith who received an honorary doctorate at the Sunday ceremony, is also a co-founder of the investment firm Vista Equity Partners. According to the Associated Press, he had previously pledged $1.5 million to the college. Smith pledged to cover the Morehouse Class of 2019’s student debt without knowing how much it would be! Smith's spokesperson commented on the billionaire's intention saying he's "thrilled to invest in these young people and their future."

 

Take a look at Robert F. Smith's commencement speech at the Morehouse College:

 

 

Reactions From Students and the Twitterverse

One of the graduates, Aaron Mitchom, told the AP he had drawn up a spreadsheet to calculate how long it would take him to pay off his $200,000 in student debt. According to his math, it's 25 years! Aaron happily commented: "I can delete that spreadsheet. I don’t have to live off of peanut butter and jelly sandwiches. I was shocked. My heart dropped. We all cried. In the moment, it was like a burden had been taken off."

As for the Twitterverse, people applauded the historic significance of the announcement. Some recognized the opportunities this grant would provide its recipients with:

 

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Even Alexandra Ocasio-Cortez praised the announcement: 

 

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The politician's tweet reads as follows: "Follow these students & compare their life choices w their peers over the next 10-15 years."

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