Paying off the student loans of an entire graduating class is no small feat and not just because of the money involved.
Graduates react after hearing billionaire technology investor and philanthropist Robert F. Smith say Sunday he will provide grants to wipe out the student debt of the entire 2019 graduating class at Morehouse College in Atlanta. By Danielle Douglas-Gabriel and Danielle Douglas-Gabriel Reporter covering the economics of education Email Bio Follow Keith L. Alexander Keith L. Alexander Reporter covering crime and courts, specifically D.C.
During his commencement address Sunday at the Atlanta college, Smith, who declined to be interviewed, said his family would create a grant to pay off the loans of the graduating class. A representative for the philanthropist — a tech executive who is founder, chairman and CEO of Vista Equity Partners — said Monday that Morehouse will be responsible for administering the grant.
More than 90 percent of Morehouse students finance their education with a combination of scholarships, loans, grants and federal work-study jobs, according to the school. The total cost of attendance for the 2018-2019 academic year rang in at $48,500 for students living on campus and about $32,062 for those living at home.
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