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Billionaire to graduating college students: My family is going to eliminate your student loans


Added 05-19-19 06:02:01pm EST - “Robert Smith announced that he and his family would set up a grant to pay off the nearly 400 graduating seniors' student loans. The total gift is estimated at $40 million.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Billionaire to graduating college students: My family is going to eliminate your student loans”. Below is an excerpt from the article.

It was a moment that the 45 million Americans who hold student loans can only dream of. Robert F. Smith, the founder and CEO of the private equity firm Vista Equity Partners, came to Morehouse College to deliver a commencement address and receive an honorary degree -- a standard part of any college graduation ceremony.

But what the billionaire investor did next surprised even his own staff and the staff at Morehouse College, according to The Atlanta Journal-Constitution.

Smith announced that he and his family would set up a grant to pay off the nearly 400 graduating seniors' student loans. The total gift is estimated at $40 million, according to the AJC.

Smith had already pledged a $1.5 million gift to Morehouse, a historically black college located in Atlanta. According to Forbes, Smith has a net worth of $5 billion.

The student loan burden for graduating seniors has been increasing. Today, average debt at graduation stands at around $30,000, triple what it was in the early 1990s.

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