Morehouse's Class of 2019 got BIG Blessed
"Lord, I've seen what you've done for others..."
May 19, 2019
Robert F. Smith, America's richest Black person, dropped a Funkmaster Flex bomb when he announced he would pay off the student loan debt for every 2019 Morehouse graduate. The gesture is estimated to cost around $40 million for the 430 or so graduates and is the largest gift in Morehouse history. This is on top of the $1.5 million Smith donated to the university earlier in the year.
Americans currently owe over $1.5 trillion (yes, that's trillion with a 't') in student loans, and Black folks are disproportionately affected by this crisis. More than 80% of Black students take out loans for their undergraduate education, compared to 60% for White and Latino students. And to make matters worse, nearly half of these student default on their loans.
Not having these financial obligations will allow students to have more capital for things like starting businesses, investing, and family obligations. This gift is more than just money, it's an opportunity
Robert F. Smith is worth $4.4 billion and Forbes ranked him as the 163rd richest person in America and 480th richest in the world.