Robert Smith, a private equity executive worth an estimated $4.47 billion, is donating approximately $40 million of his fortune to pay off the student loan debt of the graduating class of Morehouse College.
Morehouse, an elite, all-male historically black college in Atlanta, had a graduating class of 396 this year. Graduates of historically black colleges and universities (HBCUs) like Morehouse have historically faced higher debt burdens, a burden whose repayment is made more difficult by income disparities faced by black Americans.
Im usually not a huge fan of massive donations to elite colleges. Smith donated $50 million to his alma mater Cornell a few years ago; given the schools $7.2 billion endowment, it felt a lot like Smith was…
Read the full article at: https://www.vox.com/future-perfect/2019/5/20/18632520/morehouse-college-graduation-class-size-robert-f-smith-billionaire