via Business Insider
In May, the private-equity billionaire Robert F. Smith announced he'd be setting up a grant to wipe out the entire Morehouse College class of 2019's student-loan debt.
Now that offer has been expanded to also cover those students' parents' education debt, according to a September 20 press release.
The gift cost Smith $34 million, the historically black college said in the press release. According to the press release, Smith will make the donation to Morehouse's new Student Success Program, which will in turn completely pay off all federal student loans borrowed by the 400 Morehouse students who graduated in May, nearly all of whom are black men, as well as loans owed by their parents and legal guardians.
This liberation gift from Robert Smith - the first of its kind to be announced at a graduation in higher education -will be life-changing for our new Morehouse Men and their families," Morehouse College President David A. Thomas said in a statement. "It is our hope that our graduates will use their newfound financial freedom to pursue their career goals, to lead and serve the community, and to remember the spirit of the gift given to them by paying it forward to support the education of future classes of Morehouse Men."