FGS: Billionaire to pay loan debt for Morehouse ‘19 Grads

[VillainV]

Commencement Speaker at Morehouse College Vows to Pay Off Class of 2019’s Student Loans slate.com/news-and-politics/2019/05/robert-smith-commencement-speaker-morehouse-student-loans-debt.html

Billionaire Robert F. Smith, commencement speaker for Morehouse’s graduation, pledged to pay of all student loan debt for the entire graduating class.

“My family is going to create a grant to eliminate your student loans,” he told the new graduates, who broke out into a huge cheer and gave Smith a standing ovation. “You great Morehouse men are bound only by the limits of your own conviction and creativity.”

...

Rep. Alexandria Ocasio-Cortez was one of the many people who took to Twitter to comment on the news. “This could be the start of what’s known in Econ as a ‘natural experiment.’ Follow these students & compare their life choices w their peers over the next 10-15 years,” Ocasio-Cortez wrote. At the same time though the freshman lawmaker pointed out that “people shouldn’t be in a situation where they depend on a stranger’s enormous act of charity for this kind of liberation to begin with” but “it is an incredible act of community investment in this system as it is.”

[Jalapeñomel]

This is truly the best graduation gift. What an incredibly generous man.

[georgeglass]

The video is incredible. The shocked faces of the people (faculty?) on stage and the joy of the crowd.

[suzyp]

This made me cry as I was reading it to my husband. Truly life changing.

It is an estimated $40 million gift. For 400 students. Which is an average of $100K per student, which is just appalling to me.

[morecoffeeplease]

This is amazing. I love the faces of the people behind him when he announces it. I’m so happy for the graduates.

[CallingAllAngels]

I would love to see a long term study of these students compared to other classes. I wonder what these people will be able to achieve without being saddled by loans.

[VillainV]

May 19, 2019 17:43:49 GMT -5 suzyp said:

This made me cry as I was reading it to my husband. Truly life changing.

It is an estimated $40 million gift. For 400 students. Which is an average of $100K per student, which is just appalling to me.

NBC news tonight said that students from HBCUs have on average 30% more student loan debt than other college students. I’d also love to see a long term study on how these students fare. Imagine the head start this gives them — many will immediately be able to start saving for retirement, many will be able to take more career risks knowing they do t have this debt hanging over their heads, many may qualify for home loans sooner because of their debt-to-income ratio. The possibilities are amazing.

[raangoli]

This is so incredible. I can’t imagine how those grads are feeling.

[bugandbibs]

The video of this was truly amazing.

[cville]

May 19, 2019 18:13:43 GMT -5 CallingAllAngels said:

I would love to see a long term study of these students compared to other classes. I wonder what these people will be able to achieve without being saddled by loans.

I don't care if they achieve "more," although I would suppose you're right and they will be freed up to do things earlier than they otherwise would, I'm just ecstatic that whatever they achieve--or don't--they'll do without the tick-tock of student loans constantly torturing them.  

[mrsukyankee]

What a fantastic gift.

[mx27]

Amazing!!!

[W.T.Faulkner]

I have a kid going there next year. He is taking on about $80k in debt to do so, despite our advice. Let’s hope that Mr. Smith returns next year. What an awesome gift.

[orangeblossom]

May 20, 2019 8:53:31 GMT -5 W.T.Faulkner said:

I have a kid going there next year. He is taking on about $80k in debt to do so, despite our advice. Let’s hope that Mr. Smith returns next year. What an awesome gift.

I appreciate your attempt to help him see the financial impact of the loans, but I promise you, nothing will compare to him going to a great institution like Morehouse. HBCUs give students intangible benefits that just can’t be measured. It has probably been a lifelong goal of your student to go to Morehouse.

[btdt]

One of my students from last year is going to Morehouse on a Track scholarship. I saw him in the halls to tell him how absolutely thrilled I am for him.

[thejackpot]

May 20, 2019 12:45:41 GMT -5 orangeblossom said:

May 20, 2019 8:53:31 GMT -5 W.T.Faulkner said:

I have a kid going there next year. He is taking on about $80k in debt to do so, despite our advice. Let’s hope that Mr. Smith returns next year. What an awesome gift.

I appreciate your attempt to help him see the financial impact of the locals, but I promise you, nothing will compare to him going to a great institution like Morehouse. HBCUs give students intangible benefits that just can’t be measured. It has probably been a lifelong goal of your student to go to Morehouse.

Yep, being a Morehouse man is something that will open doors for him and link him to a brotherhood beyond imagination.