American billionaire Robert F. Smith left the world in shock on Sunday when he promised to pay off the student loan for the graduating class of Morehouse College, Atlanta, Georgia.
Smith, while delivering the commencement speech, said “”On behalf of the eight generations of my family who have been in this country, we’re going to put a little fuel in your bus,” he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.
The shocked students rose to a standing ovation, chanting “MVP!”
“Now, I know my class will make sure they pay this forward,” he continued. “I want my class to look at these (alumni) — these beautiful Morehouse brothers — and let’s make sure every class has the same opportunity going forward because we are enough to take care of our own community. We are enough to ensure we have all the opportunities of the American dream,” the billionaire said.
While the exact amount to be covered for the 396 students is not yet certain, Morehouse President David A. Thomas told CNN that the figure would likely be in the tens of millions of dollars.
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“When you have to service debt, the choices about what you can go do in the world are constrained. “(Smith’s gift) gives them the liberty to follow their dreams, their passions,” Thomas said.
The apparently excited graduates couldn’t contain their joy. One of them, Robert James, 21, said “We’re looking at each other like, ‘Is he being serious?’ That’s a lot of money,” salutatorian Robert James, 21, said.
Also, Jonathan Epps, 22, said on Sunday afternoon he still hadn’t fully grasped the magnitude of the “tremendous blessing,” which he called the kindest, most generous thing he’d ever witnessed.”
Elijah Nesly Dormeus, first of nine kids to graduate college, could be said to be the happiest with Smith’s donation.
His mother was said to have made many sacrifices working minimum-wage jobs to provide for him and his eight siblings after Dormeus’ father died when he was 5.
In addition to his $90,000 debt, he said his mother took out a loan to help get him through school.
“All her serving, all her giving was not in vain,” Dormeus said when asked what Smith’s gift meant to his family.