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Investor and philanthropist Robert F. Smith surprised Morehouse College class of 2019 with a special graduation gift: he’s going to pay all of their student loan debt.
"My family is going to create a grant to eliminate your student loans!" Smith told the graduates during his commencement address. “You great Morehouse men are bound only by the limits of your own conviction and creativity.”
His gift to the nearly 400 graduating seniors is estimated at $40 million, according to the Atlanta Journal-Constitution.
"If I could do a backflip, I would. I am deeply ecstatic," Elijah Dormeus, a business administration major from Harlem in New York City with $90,000 in student loan debt, told the Journal-Constitution.
Smith, founder of private equity and venture capital firm Vista Equity Partners, is worth an estimated $5 billion according to Forbes, which made him the wealthiest African American in the country in 2018.
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COMMENTS VIA TWITTER
RT @thehbcupulse: Talk about a graduation gift! Morehouse College Spring Class of 2019 Commencement Speaker Robert F. Smith will be establi…
Michael Bond and the Morehouse Class of 2019 were so moved by their tuition gifts, that they’ve decided to pay it f… https://t.co/EjIB0F58lk
Michael Bond and the Morehouse Class of 2019 were so moved by their tuition gifts, that they’ve decided to pay it f… https://t.co/apBshTCGZX
RT @HigherEdSurge: Morehouse College's graduation this year was anything but normal when Robert F. Smith, a billionaire who runs Vista Equi…
Robert F. Smith, known as the wealthiest black man America, gave the 2019 commencement speech at Morehouse College.… https://t.co/S9IOe0aquN