Billionaire Pays Off Student Debts of Entire Graduating College Class

Not a bad graduation present.
Author:
Publish date:
Updated on

The majority of us who went through university will be paying off our student loan for the next 50 years, but for the graduating class of Morehouse College, this is something they'll never have to worry about again.

Billionaire tech investor Robert F. Smith surprised students at the all-male black college in Atlanta, Georgia, when he announced he would pay off all their outstanding student loans. Smith revealed the news while addressing the 396 students after receiving an honorary doctorate from the college.

"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," Mr Smith told the graduates on Sunday. "This is my class, 2019. And my family is making a grant to eliminate their student loans." 

The students on the receiving end of Smith's generosity couldn't believe their ears when they heard the new, with CNN reporting student Jonathan Epps claiming, "I still don't really have words...it makes a great day just that much better."

Smith is the founder of private equity firm Vista Equity Partners and has a personal net worth close to AU$7 billion, so he can certainly afford to dig into his pockets and help out. He previously announced a donation of AU$2.1 million to the college. The total amount covered in this latest act of kindness is not yet known, but could clock in at up to AU$57.9 million, said Morehouse President David A. Thomas. 

Now if only Anthony Pratt or James Packer could take care of my debt I might finally be able to afford my own house. 

RELATED: 10 hyper-successful college dropouts