Billionaire announces pay off of debt

Morehouse College seniors got a surprise Sunday when billionaire investor Robert F. Smith announced during his commencement speech that he would pay off the student loan debt for the historically black college's entire graduating class. Smith's gesture will enable graduates to have more capital to do things like start businesses and support their families. "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," he told the new graduates in Atlanta before saying his family was creating a grant to eliminate their student loans. The exact amount to be covered for the 396 students is still being calculated, but the figure will likely be in the tens of millions of dollars. The entrepreneur, founder of the investment firm Vista Equity Partners, is worth about $5 billion, according to Forbes, which reports he is the richest black person in America. Vista Equity invests solely in software, data, and technology companies. Smith has been extremely generous throughout his years. Cornell University, one of his alma maters, renamed its chemical and biomolecular engineering school in honor him after he donated $50 million to the school. He's also donated millions to cancer research and the arts. "I will never forget that my path was paved by my parents, grandparents and generations whose names I will never know," Smith said. "Their struggles, their courage, and their progress allowed me to strive and achieve. My story would only be possible in America, and it is incumbent on all of us to pay this inheritance forward."

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