Billionaire Robert F. Smith Will Pay Off Morehouse Class Of 2019's Student Loans
Billionaire Robert F. Smith has earned one of Morehouse's biggest cheers after the commencement speaker announced he'd pay off the student loans for the entire graduating Class of 2019.
"This is my class,” he said, “and I know my class will pay this forward.”
The 56-year-old philanthropist and technology investor made the surprise revelation Sunday morning (May 19) at the Historically all-male Black college ceremony.
The 400 student-graduating class could hardly contain their excitement. Tonga Releford, whose son Charles Releford III, graduated today with an estimated $70,000 in student loan debt. The news of a financial clean slate was overwhelming.
“I feel like it’s Mother’s Day all over again,” she said.
The debt for all 400 students hovers around $40 million, which is a fraction of Smith's reported $5 billion.
When news broke of Smith's generous donation, many online expressing happiness, including Congresswoman Alexandria Ocasio-Cortez.
And because the Internet is the Internet, the jokes had to fly.
Big ups to Mr. Smith and congratulations to Morehouse's Class of 2019.