Private equity billionaire Robert F. Smith, who vowed to pay off student loan debt for nearly 400 Morehouse College graduates, has settled up, and the bill was $34 million, the institution said.
vowed to pay off the student loan debt for nearly 400 spring graduates of Morehouse College"Robert F. Smith, the Founder, Chairman & CEO of Vista Equity Partners, and his family have donated $34 million to the new Morehouse College Student Success Program to pay off the loans that students and parents of the Class of 2019 accumulated to fund a Morehouse education," the school said in a statement.
The grant is a welcome respite from the nation's student loan debt crisis, $1.6 trillion of personal red ink that experts say disproportionately impacts people of color, aspirants from low-income backgrounds and students of for-profit institutions. But advocates of student loan reform hope the extraordinary gift will not take attention away from a student debt crisis that can stifle dreams of advanced degrees and create a drag on the economy. Thesaid in a report last year that nearly 40 percent of student loan borrowers could default by 2023.
Morehouse says the average graduate carries between $35,000 and $40,000 in student loan debt, more than the average student at historically black colleges and universities, by commencement day. Kantrowitz said if all the nation's billionaires made pledges similar to Smith's, it still wouldn't wipe out student debt.
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$34 million: How much one man is paying to wipe out a graduating class' college debtBillionaire Robert Smith has made good on his promise to pay off the student loan debt of the entire 2019 graduating class at Morehouse College by donating $34 million to the historically black men's school in Atlanta.
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The billionaire who promised to pay off student loans for an entire graduating class just pledged to pay off their parents' educational loans, tooThe gift to Morehouse College will cost billionaire Robert F. Smith $34 million, the historically black college said in a press release September 20.
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