A few months ago, we reported that billionaire Robert F. Smith had pledged to pay off the student loan debt of an entire graduating college class. Now, he is saying that he will be paying off the students’ parents’ debt as well.

Smith, who is the founder and CEO of Vista Equity Partners, is donating $34 million to the new Morehouse College Student Success Program in order to pay off the loans that students and parents of the class of 2019 accumulated to fund a Morehouse education.

The Morehouse Student Success Program is a scholarship, loan debt, research and educational initiative that was started by the Board of Trustees as a national investment strategy to curb student loan debt and help graduates be more successful. This initiate involves the college soliciting donations specifically to reduce or eliminate the student loan debt of Morehouse Men and their parents or guardians, thus creating an opportunity for greater financial freedom for new alumni and their families.

“This liberation gift from Robert Smith—the first of its kind to be announced at a graduation in higher education—will be life-changing for our new Morehouse Men and their families,” said David A. Thomas, the President of Morehouse College. “It is our hope that our graduates will use their newfound financial freedom to pursue their career goals, to lead and serve the community, and to remember the spirit of the gift given to them by paying it forward to support the education of future classes of Morehouse Men.”

Over 400 students, parents, and guardians of the Class of 2019 will receive Morehouse’s inaugural gift under the Student Success Program. Student loan debt is a huge issue in the United States, where it is now at over $1.5 trillion.

“Morehouse’s program to provide debt relief to new graduates is a fund-raising opportunity that should be studied and duplicated nationally,” said Michael L. Lomax, president and CEO of the United Negro College Fund. “The impact of such a gift, particularly for minority or economically disadvantaged families, could accelerate the growth of a more diverse and robust middle class.”

Watch Smith surprise the graduating class by revealing he will pay off their debt for them in the video below.