Commencement Speaker Announces He Will Pay Off Class Of 2019's Student Debt

May 19, 2019

The commencement speaker for Morehouse College's class of 2019 got more than just an inspirational speech.

He announced he would pay off all of their student debt.

Robert Frederick Smith is an American businessman whose net worth is $5 billion.

The 56-year-old former chemical engineer turned investment banker announced during his speech that his family was creating a grant to pay off the student debt of the entire graduating class.

"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," Smith said to over 400 graduating seniors. "This is my class, 2019. And my family is making a grant to eliminate their student loans."

The gift has been estimated at $40 million, the Journal-Constitution reported.