American Billionaire Surprises Students on Graduation by Promising to Pay Off Student Loans

The graduation class of Morehouse College in Atlanta, Georgia were in for a surprise on their graduation day.

American billionaire, investor, and philanthropist Robert F. Smith were due to give the commencement address at the college. And students were expecting just the usual messages. But they were in for a massive shock when Smith announced that he would pay off the student debt for the entire graduating class. He said in his address that his family was on their way to create a grant that would eliminate student loans.

While the exact number is unknown, according to Morehouse President David Thomas, the amount will run into around $40 million. There were around 400 students in the graduating class.

The students were clearly overwhelmed by this benevolent gesture and cheered wildly at the announcement made by the billionaire that would give them a new lease of life.

Who is Robert Smith?

Widely considered the richest black person in the United States of America with a net worth of $5 billion, Robert Smith is an entrepreneur and the founder of Vista Equity Partners, private equity and venture capital firm. The organization has around 60,000 employees worldwide and owns over 50 software companies, making it one of the largest enterprise software companies across the globe.

Smith has long been known for his philanthropic deeds. He has signed the Giving Pledge, an initiative by Warren Buffett and Bill and Melinda Gates to encourage billionaires across the globe to give away half of their fortune to philanthropic activities. Further, he has founded the Fund II Foundation, which looks into conserving wildlife and safeguarding human rights.

Isn’t this an absolutely wonderful gesture by this altruist? Do let us know what you think.

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