Incredible Moment Billionaire Surprises College Graduates By Saying He’ll Pay Off All $40 Million of Their Collective Student Loan Debt
College debt is something that millions of Americans struggle with, and it can take many years to pay off the student loans that funded our education. That’s why it’s so amazing that a billionaire just agreed to pay off all of the collective college debt of a graduating class of nearly 400.
Billionaire investor and philanthropist Robert J. Smith was coming to the end of his commencement speech at Morehouse College when he gave the 396 graduating seniors the surprise of their lives by announcing that he will pay off all of their college debts. A spokesperson for the all-men historically black private college in Atlanta, Georgia said that this will likely cost Smith around $40 million.
“On behalf of the eight generations of my family who have been in this country, we’re going to put a little fuel in your bus,” Smith said before announcing that he will pay off the students’ debt.
“Now, I know my class will make sure they pay this forward,” he continued. “I want my class to look at these [alumni] – these beautiful Morehouse brothers – and let’s make sure every class has the same opportunity going forward because we are enough to take care of our own community. We are enough to ensure we have all the opportunities of the American dream.”
Smith made his fortune by founding the investment firm Vista Equity Partners, which makes over $46 billion in software management. He is also known for being the only African American business leader to sign “The Giving Pledge,” which is a campaign to recruit the world’s billionaires into giving away half of their fortune to charity. God bless him for giving this life-changing gift to hundreds of students just starting out their lives!
Watch Smith’s speech for yourself below.