Back in May of this year, multi-billionaire Robert F. Smith, made news headlines when he pledged to wipe clean the student loans incurred by an entire college graduating class. Now, he has made headlines again, as Smith has promised to pay off the student loan debts of the parents of those same graduates.
The founder and sitting CEO of Vista Equity Partners, Smith is reportedly donating an estimated $34 million to the Student Success Program at the new Morehouse College. The donation is earmarked to be disturbed for the paying off of the loans accumulated by both the students and parents of the Morehouse graduating class of 2019.
The Student Success Program is geared towards scholarships, loan debt, educational and research initiatives that was established by the college’s Board of Trustees. The intent was to create a national investment strategy that will aid in the curbing of existing students loan debt, which in turn will help those same graduates prosper even faster.
As per this new initiative, the college will solicit for and accept donations that are made for the explicit use to reduce or outright eliminate the accrued loan debt of not only the Morehouse Men but that of their parents or guardians as well. It is hoped that in turn, these individuals, the newly graduated alumni, along with their families, will benefit from the opportunity of more financial freedom.
Smith, who received an honorary doctorate from the college, announced his history-making grant. The intended donation will assuredly work towards easing the financial burdens of Smith’s fellow “classmates” of the class of 2019. The anticipated purpose of the donation is to allow the recipients the chance to pursue advanced degrees, start their careers, and proceed to build their wealth without the feeling of being tethered to loan debt from the start.