Billionaire Robert F. Smith will pay the student debt for the 2019 graduate class at Morehouse College, a historically African American university in Atlanta, Georgia.

A gesture of pure philanthropy that the president of Morehouse David A. Thomas called “a dream that will give children the freedom to follow their dreams and passions”, CNN reports.

A billionaire will pay 40 million Dollars in debts of the students of an American University
MARCUS INGRAM VIA GETTY IMAGES

The announcement by Robert F. Smith, given in front of about 400 undergraduates, was greeted with applause. “On behalf of the eight generations of my family who have lived in this country, we’ll put some fuel on the bus. This is my class, that of 2019. And my family is making a donation available to eliminate student debt. ” Smith, who received an honorary diploma during the ceremony, will have to make a financial commitment of around $ 40 million.

Robert F. Smith is the creator and CEO of a fund that invests in software and technology companies and has a capital of over 46 billion dollars. It is not the first time that the billionaire has worked for others: the entrepreneur is known for his philanthropic activity, in particular in support of the African American community.

 

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Philanthropist Robert F. Smith gives one of the most memorable commencement speeches ever. #MorehouseGrad2019 🎓🎓🎓 @robertfredericksmith

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Now Smith is mobility to support the training of young people. The problem of university debt is a problem that affects a large proportion of American students. The American university system, in fact, provides huge fees that the students are able to pay only by contracting debts. The balance of the loan often occurs only years later, once graduates have entered the workforce.