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

$174-million acid plant up and running at Trail smelter

Teck Trail Ops; New facility replaces 1970s technology

Latest round of Columbia River Treaty talks wrap up in Cranbrook

Federal, provincial, U.S. and Indigenous representatives recently met for eight round of discussions

Trail RCMP seize drugs, shotgun, and cash

Warrant in East Trail yields meth, fentanyl, heroin, gun and stolen property

First Nations given max compensation for Ottawa’s child-welfare discrimination

2016 ruling said feds didn’t give same funding for on-reserve kids as was given to off-reserve kids

VIDEO: Liberals make child care pledge, Greens unveil platform on Day 6 of campaign

Green party leader Elizabeth May unveils her party’s platform in Toronto

Free Tesla 3 offered with purchase of Surrey townhome

Century Group’s offer for Viridian development runs through Oct. 31

B.C. communities urged to improve access for disabled people

One in four B.C. residents has disability, most want to work

Sikh millworker lodges human rights complaint against Interfor, again

Mander Sohal, fired from Delta’s Acorn Mill, alleges discrimination based on religion and disability

UVic students killed in Bamfield bus crash were from Winnipeg, Iowa City

Authorities said the two victims were a man and a woman, both aged 18

Safety concerns resurface after fatal bus crash on Vancouver Island

Huu-ay-aht First Nations wants a safe route between Bamfield and Port Alberni

National weather forecasters predict average fall, cold winter

The Weather Network says precipitation will about average in most parts of Canada

Two dead, two in critical condition in highway crash near Campbell River

Highway 19 reopened Sunday night after it was closed in both directions

VIDEO: Vancouver Island mayor details emergency response after fatal bus crash

Sharie Minions says she is ‘appalled’ by condition of road where bus crashed

Most Read