Back in May, Morehouse’s class of 2019 received a surprise of lifetime when billionaire Robert F. Smith pledged to pay off their student loan debt. Well, apparently he’s not done giving, and he’s offered to help the graduates families.
On top of the cool $34-million he’s donated to cover the 400 students’ debt, Smith has announced that he also plans to cover the loans that parents took out under the new Morehouse College Student Success Program.
“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,” say David A. Thomas,President of Morehouse College. “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.” Morehouse says the average graduate carries between $35,000 and $40,000 in student loan debt by commencement day.