Graduation speaker pledges to pay class of 2019 student debt

Robert F. Smith made the announcement to an all-male historically black college in Atlanta

A billionaire technology investor and philanthropist says he will provide grants to wipe out the student debt of the entire graduating class at Morehouse College – an estimated $40 million.

Robert F. Smith, this year’s commencement speaker, made the announcement Sunday morning while addressing nearly 400 graduating seniors of the all-male historically black college in Atlanta. Smith is the Founder and CEO of Vista Equity Partners, a private equity firm that invests in software, data, and technology-driven companies.

“On behalf of the eight generations of my family that have been in this country, we’re gonna put a little fuel in your bus,” Smith told the graduates. “This is my class, 2019. And my family is making a grant to eliminate their student loans.”

The announcement elicited stunned looks from faculty and students alike, before the graduates broke into the biggest cheers of the morning. Morehouse said it is the single largest gift to the college.

Smith, who received an honorary doctorate from Morehouse during the ceremony, had already announced a $1.5 million gift to the school. The pledge to eliminate student debt for the class of 2019 is estimated to be $40 million.

Smith said he expected the recipients to “pay it forward” and said he hoped that “every class has the same opportunity going forward.”

In the weeks before graduating from Morehouse on Sunday, 22-year-old finance major Aaron Mitchom drew up a spreadsheet to calculate how long it would take him to pay back his $200,000 in student loans — 25 years at half his monthly salary, per his calculations.

In an instant, that number vanished. Mitchom, sitting in the crowd, wept.

“I can delete that spreadsheet,” he said in an interview after the commencement. “I don’t have to live off of peanut butter and jelly sandwiches. I was shocked. My heart dropped. We all cried. In the moment it was like a burden had been taken off.”

His mother, Tina Mitchom, was also shocked. Eight family members, including Mitchom’s 76-year-old grandmother, took turns over four years co-signing on the loans that got him across the finish line.

“It takes a village,” she said. “It now means he can start paying it forward and start closing this gap a lot sooner, giving back to the college and thinking about a succession plan” for his younger siblings.

Morehouse College president David A. Thomas said the gift would have a profound effect on the students’ futures.

“Many of my students are interested in going into teaching, for example, but leave with an amount of student debt that makes that untenable,” Thomas said in an interview. “In some ways, it was a liberation gift for these young men that just opened up their choices.”

Errin Haines Whack, The Associated Press

Like us on Facebook and follow us on Twitter.

Just Posted

PHOTOS: 5th Annual Alix rodeo bucks the competition

Cowboys and cowgirls risked it all at the Alix Rodeo

Central Alberta Buccaneers punch ticket to AFL Final

28-20 win over Fort Mac sets up likely date against Calgary Wolf Pack

Lacombe Chamber annual Scholarship winners unveiled

Successful applicants for 2019 are Bryna Figursky and Aden Grose

WATCH: Lacombe Days parade rolls through city

Hundreds turn out for annual tradition

Politicians say elections law restricting partisan ads is ‘absurd,’ ‘lunacy’

Election Canada’s choice to cite climate change as a specific example has left environment groups feeling muzzled

Conservative Leader Scheer won’t ‘lift finger’ to bring ‘Jihadi Jack’ to Canada

About 190 people with connections to Canada are suspected of terrorist activity abroad

Panel to review impacts of safe injection sites in Alberta

It will look at crime rates, social order and property values, and not harm reduction or housing

Five suspects arrested by Leduc RCMP with help of Wetaskiwin and Maskwacis

Leduc RCMP work with Maskwacis and Wetaskiwin RCMP to make arrests

Elections Canada to assess ‘partisan’ climate change rhetoric case by case

People’s Party of Canada Leader Maxime Bernier has said climate change is not an emergency nor caused by human

Most Read