Four months ago, in the course of his commencement speech at Morehouse College, a historically black college in the United States, Billionaire Robert F. Smith pledged to pay off the education loans of the institution’s 2019 graduates.
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It was a gesture celebrated worldwide especially in the black community where such gestures aren’t known to come every day. But now Mr. Smith is taking it further. Beyond settling the loans incurred by the students, he has now also stated his readiness to offset the educational loans taken out by the parents of the students. His gift, in view of this new addi who understands the financial and emotional toll that loans take on students and parents. Morehouse President, David A. Thomas, quoted in Washington Post, put it succinctly:
“It says a lot about how Robert came to understand the issues of affordability and student debt. Our parents take out loans, often to the tune of $50,000 or more. And potential default on those loans affects the ability to finance other family needs. We know there is a wealth gap for African American families, so this gift is very significant.”
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