Billionaire Robert F. Smith surprised graduating seniors at Morehouse College on Sunday by announcing he would pay off all their student debt.
“This is my class,” he said, according to the Atlanta Journal-Constitution, “and I know my class will pay this forward.”
Smith, a philanthropist and CEO of technology investment firm Vista Equity Partners, received an honorary doctorate Sunday and had already made a $1.5 million contribution to the school earlier this year for scholarships and a new park.
The student loan payoff for the nearly 400 graduating students is estimated to be about $40 million. A college spokeswoman said it is the largest single gift in the history of the school.
During his commencement address, Smith urged students to include others in their success.
“You want to own it, you want to drive it, and you want to pick up as many people as you can along the way,” he said. “I’m putting some fuel into your bus. I’m counting on you to load up that bus.”
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