About 400 college graduates in Georgia will have their student loan debt paid off, thanks to a philanthropist.
Robert Smith gave the keynote commencement address at Morehouse College in Atlanta on Sunday and announced that his family is creating a grant to eliminate the class of 2019’s student loans, according to AJC.
“I know my class will make sure they pay this forward, and I want my class to look at these alumnus, these beautiful Morehouse brothers, and let’s make sure every class has the same opportunity going forward,” Smith said in his speech.
The gift is estimated to be worth $40 million, according to WSBTV.
Smith had already announced a $1.5 million gift to the school that will go toward student scholarships and a new campus park.
Smith, a billionaire investor and philanthropist, received an honorary doctorate degree from Morehouse during Sunday’s graduation, AJC reported. He graduated from Cornell University and Columbia Business School and founded Vista Equity Partners in 2000, according to 11Alive News.