With college debt topping $1.5 trillion dollars, $500 billion more than credit card debt, Morehouse College commencement speaker Robert F. Smith made a lasting impression on the class of 2019 on Sunday…when he pledged to pay off their student loans. Smith, told some 400 Morehouse grads that he’s wiping out their student loans. The pledge to pay off the graduating class’ student loan debt is estimated to be $40 million.
Smith, who has an estimated net worth of $5 billion, received an honorary doctorate from the college during the graduation ceremony. The investor and philanthropist urged others to “pay it forward” to help the future generation succeed.
The 56-year-old billionaire is the first African American to sign the Giving Pledge, a campaign founded by Bill and Melinda Gates and Warren Buffett to encourage wealthy individuals to dedicate the majority of their wealth to philanthropy.
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