Billionaire says he’ll pay off student loans of graduating Morehouse class
It was a hot, sticky morning in Atlanta on Sunday when billionaire investor and philanthropist Robert Smith stood atop an outdoor stage on the campus of Morehouse College and started delivering a speech that the nearly 400 graduates probably thought would be the usual commencement fare.
Mr. Smith described being bused to a high-performing, predominantly white school across town in Denver, where he grew up. He said he’ll never forget climbing onto bus No. 13 to Carson Elementary.
“Those five years drastically changed the trajectory of my life,” he said. “The teachers at Carson were extraordinary. They embraced me and challenged me to think critically and start to move toward my full potential. I, in turn, came to realize at a young age that the white kids and the black kids, the Jewish kids and the one Asian kid were all pretty much the same.”
Mr. Smith told the graduates how he launched his lucrative career. He gave them wise words on grit and success. Then he deviated from his prepared remarks.
“My family is going to create a grant to eliminate your student loans!”
The grads and their families were speechless for a moment — before erupting in cheers and disbelief.
“There was amazement … people’s mouths dropped open,” said Morehouse president David Thomas, who learned of the gift the same moment as the students. “Students were looking at each other like, ‘What did he say?’ Parents hopped up to hug each other.”
It’s hard to estimate the cost of Mr. Smith’s gift to the 2019 graduates of the all -male historically black college, but it could be in the range of $10 million, according to estimates. There were 396 graduates in the class, and tuition, room and board and other costs run about $48,000 per year, Mr. Thomas said.
Finance graduate Deionte Jones, 22, grew up in Washington in a household with a single mother. He’s the first in his family to graduate from college, and he accrued about $25,000 in student loan debt after the academic scholarships he was able to secure. Mr. Jones said tears of joy filled his eyes when he heard Mr. Smith’s news.
“It was a sense of a new start on life,” Mr. Jones said. “It can be challenging to be an African American in this society because we sometimes don’t come from strong economic backgrounds. This lifts a huge weight off my family’s back.”
Mr. Smith said he wanted students to understand that part of receiving this gift is that they will also think about taking care of people behind them when they are able.