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US billionaire to pay off 400 student loans

May 21, 2019 04:55 AM


US billionaire to pay off 400 student loans
Richest black man in the country stuns an entire grad class at Atlanta college historically attended by African-Americans
before saying his family was creating a grant to eliminate their student loans.

The announcement immediately drew amazed looks from faculty and students alike. Then the graduates broke into the biggest cheers of the morning and stood up, applauding. Morehouse said it is the single largest gift to the college. “Now, I know my class will make sure they pay this forward. 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,” he said.

The total amount covered for the 396 students is up to USD 40 million, said Morehouse President David A Thomas. He described Smith’s gesture “a liberation gift”. “When you have to service debt, the choices about what you can go do in the world are constrained. (Smith’s gift) gives them the liberty to follow their dreams, their passions,” Thomas was quoted as saying in the report.

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