BILLIONAIRE TO PAY OFF MOREHOUSE GRADUATES STUDENT LOANS
Billionaire Robert F. Smith announced during his commencement speech at Morehouse College that he would pay off the student loan debt for the graduating class. Smith told the crowd his family is creating a grant to eliminate their student loans stating: On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus.” The announcement was met with cheers and a standing ovation. Smith, who also received an honorary degree on Sunday along with actress Angela Bassett and psychologist Edmund Gordon, is an entrepreneur who founded the investment firm Vista Equity Partners. His net worth is estimated at $5 billion, according to Forbes, which reports he is the richest black person in America.
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