Robert F. Smith, the founder and CEO of the private equity firm Vista Equity Partners, said he and his family would set up a grant to pay off the student loans of nearly 400 graduating seniors at Morehouse College.Today, average debt at graduation stands at around $30,000, triple what it was in the early 1990s.
Robert Smith, Founder, Chairman and CEO, Vista Equity Partners, speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, May 1, 2018.It was a moment that the 45 million Americans who hold student loans can only dream of.Morehouse College to deliver a commencement address and receive an honorary degree -- a standard part of any college graduation ceremony.
But what the billionaire investor did next surprised even his own staff and the staff at Morehouse College,Smith announced that he and his family would set up a grant to pay off the nearly 400 graduating seniors' student loans. The total gift is estimated at $40 million, according to the AJC.
TrevorImmelman Awesome. Will he also be refunding those who took part time jobs to pay their tuition? And also the parents who scrimped and saved for decades to ensure their kids were not burdened with student loans?
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