Leaving college with a ton of student loan debt to your name and feel really scary and insurmountable with high interest rates. Well, billionaire Robert F. Smith took that weight off the shoulders of EVERY member of this year's graduating class at Morehouse College!!!
Robert made the announcement while speaking at their commencement ceremony yesterday. It takes a moment for the news to sink in before the senior class goes crazy!!!
Robert was ranked the 183rd richest person in America by Forbes last year, and this year his fortune is up to $5 Billion, making him one of 13 black billionaires in the world. This isn't his first donation to Morehouse College, a historically black school. He donated $1.5 Million a few months ago, and yesterday he received an honorary doctorate.
And if you're wondering how much student loan debt he promised to wipe how for the nearly 400 members of the graduating class... estimates bring the total to about $40 MILLION! What an INCREDIBLE gesture, and a great way to spend part of your hard-earned fortune. Graduation caps off to you, Robert.
Read some of the reactions from grateful students on CNN by clicking right here.