Billionaire Pays Off Student Loans

Billionaire Robert Smith gave the Morehouse class of 2019 a commencement speech they will never forget when he announced to them that he would paying off all their student loans.

Robert Smith is the richest African American in the US. He is worth about $5 billion. He made his fortune in private equity investing in tech companies through his firm, Vista Partners. He is a former Goldman Sachs investment banker. He was an engineer prior to banking. He was raised by two school teachers and graduated from Cornell (undergrad) and Columbia Business School (MBA).

Morehouse is an all male historically black college. It was founded in 1865. The school is known for it's prominent alums - Martin Luther King, Dir. Spike Lee, Actor Samuel Jackson, Olympian Edwin Moses, Herman Cain, Dr. Louis Sullivan, Dr. David Satcher, among others... even Talcum X, BLM activist Shaun King.

The pledge is worth about $40 million dollars.

I am a grad of Morehouse so Mr. Smith's gift to the school really hit home for me. I'm glad the class of 2019 will not have the burden of student loans.

What a Country eh 😎

originally posted by: xuenchen
What a Country eh 😎

Yeah... those evil billionaires.

a reply to: Edumakated

Yeah, I saw this on CNN a few hours ago. What struck me is how every person in the class appeared to be black.

Don't get me wrong, I think what this billionaire's did is a good thing... But it kind of just blew my mind seeing an entire class of university students that were exclusively black people.

It was kind of like wow! Full blown segregation is still alive and strong in some parts of the first world.

On the day this happened, CNN and Fox posted typical spin articles and it was very interesting.

CNN paraded it for the good deed and Fox described it without making it seem like a great thing, nor a bad one because it was a black man doing it for black graduates at a black school telling them to pay it forward, we can take care of our own community.

If I had a large student loan and were white I'd be the least bit jealous. I just have one for a few thousand still owed that my federal tax return gets taken each year to pay from 15 years ago. Hey, at least I'm paying it.

Trumps a billionaire, why didn't he ever pay off the white peoples student loans. even at one school? (I'm joking)

That'd be white power or racist type stuff. The difference between I and a lot of white folks is that I've learned to accept the seemingly double standard and not whine or be butt hurt about reverse racism. Although I'll admit, growing up in a city and in schools that were 50% black, probably more now made me experience a lot of it in high school.

If white people had been a minority in a country for hundreds of years, formerly enslaved, and discriminated/persecuted openly until only 60 years ago, I'd like to think there'd be all white schools like the black one with white billionaires paying for the graduating classes student loans. It would be a part of their culture and would seem normal, even applauded.

Hell yeah!

An education without a debt burden is usually only available to those of us who joined the armed forces and received GI bill benefits.

These students are extremely fortunate as I see daily what student loan debt does to people.

"A fool and is money are soon parted" - Thomas Tusser

And if he doesn't do it next year will he be sued??? A risky but kind thing to do.

Bet he gets a lot more invitations to speak at colleges now.

originally posted by: Subaeruginosa
a reply to: Edumakated

Yeah, I saw this on CNN a few hours ago. What struck me is how every person in the class appeared to be black.

Don't get me wrong, I think what this billionaire's did is a good thing... But it kind of just blew my mind seeing an entire class of university students that were exclusively black people.

It was kind of like wow! Full blown segregation is still alive and strong in some parts of the first world.

Most HBCUs were founded right after the civil war during reconstruction. Morehouse was founded in 1867.... by white abolitionist. It's sister school, Spelman College (all female) was bankrolled by the Rockefellers. In fact, it is named after Laura Spelman Rockefeller.

You know, black students couldn't just waltz into Harvard after the civil war or any college for that matter. Blacks couldn't attend most universities until probably the 50s / 60s if we were lucky.

Morehouse has conferred more college degrees to black men than any other school in the US. It also has produced more black graduates that go on to receive doctorate degrees than any other school.

With all that said, the school does not discriminate even though it's founding and focus is educating black men. There are white professors and white students and also a decent number of indian students as well. In fact, the valedictorian was white several years ago. The schools are HISTORICALLY black... not EXCLUSIVELY black.

Joshua Packwood: Morehouse Valedictorian

This is how capitalism should work. Philanthropy, give back to the economy by taking some weight off the shoulders of the educated and promising minds of the future who took the plunge to better themselves.

Props due.

a reply to: Edumakated

Yeah , Great . When He Pays my Ex Wife's Alimony for the Next Upteen Years I MIGHT Be Impressed ...........



Bill Burr ...... 2009 , Talking about Obama and his " Care " .........

What about the students who did what they could to graduate loan free? The reward for their hard work has just been negated by this inequitable act of charity.

I'm glad to see billionaires reinvesting in the community; doubly glad to see it within the black community.

But 40 million for a billionaire is a drop in the bucket; and the inequitable way he chose to be charitable smacks of publicity stunt.

originally posted by: DanDanDat
What about the students who did what they could to graduate loan free? The reward for their hard work has just been negated by this inequitable act of charity.

I'm glad to see billionaires reinvesting in the community; doubly glad to see it within the black community.

But 40 million for a billionaire is a drop in the bucket; and the inequitable way he chose to be charitable smacks of publicity stunt.

Life isn't fair. No good deed goes unpunished.

Yeah, if someone were in the class of 2018, I'd be pretty annoyed, but it is what it is...

Another billionaire funded an endowment so that NYU Medical School is now tuition free. What about the doctor's that graduated with $250k in student loans?

There will always be someone left out....

I think it is good to see these guys stepping up to the plate. My only real criticism is that while such a gesture feels good, it doesn't actually fix the problem. The problem is schools charging so much in tuition and a predatory student loan system that allows these students to incur so much debt (not too mention the lack of personal responsibility of the student).

a reply to: Edumakated

Indeed. Life isn't fair and we can't guarantee outcomes.

a reply to: Edumakated

This about the nicest thing I've heard happen in the World in 20 years.

a reply to: dfnj2015


Ah , Would that be Considered Tax Deductible ?

This is fantastic! The ones that received this gift must be enormously grateful and they get a step ahead toward their career goals! This is true charity.

a reply to: queenofswords

Capitalism ...........American MADE ...............