Robert F. Smith Gets the Final Bill for His Gift to Morehouse--and the Number Is Stunning
When philanthropist and entrepreneur Robert F. Smith offered to pay the entire balance of the outstanding student loans for Morehouse’s most recent graduating class, not only did the gift eliminate a burden from the backs of hundreds of students but it also sparked a much-needed conversation about student debt and its disproportionate impact on black college students.
During a Friday press conference, Morehouse College announced the final tally for Smith’s generous donation:
$34 million dollars.
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The money will be paid directly to the loan servicers from the college’s newly-created Morehouse Student Success Program. The gift also includes $400,000 to use to research ways to invest and curb student loan debt. President David A. Thomas noted that the grant will pay off loans taken out by both students and parents.
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“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,” Thomas said in a statement. “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.”
Thomas added that Smith’s gift has benefitted the college in a number of ways. Aside from placing HBCUs at the center of the debate on the rising student debt, he revealed that other philanthropists—both large and small—have been inspired by Smith and contacted the school to see how they could contribute to this program. A few of the students indicated that the program enabled them to attend graduate school now that they are unburdened by student debt.
Read More: https://www.theroot.com/robert-f-smith-gets-the-final-bill-for-his-gift-to-mor-1838295733
We need more people like Robert Smith.
= new reply since forum marked as read
life-affirming, magnificent gift (GULP, COUGH, HOLYSHIT)
***Thank you, good sir***
RESPECT
Private equity billionaire Robert F. Smith isn't just going to pay off the Morehouse class of 201 9's student loans as he promised at their graduation— he's now promising to pay off their parents' educational debt too.
Smith has a net worth of $6.08 billion, according to the Bloomberg Billionaires Index.
https://www.businessinsider.com/robert-f-smith-morehouse-grads-parents-student-debt-pledge-2019-9
And now their parents, too, how FABULOUS!!
behaved this way? Imagine what would be possible? Hell, imagine if they just paid their fair share of taxes.
Thank you Robert F Smith.