Speaker stuns Morehouse grads, to pay off $40M student debt

A billionaire technology investor stunned the entire graduating class at Morehouse College when he announced at their commencement Sunday that he would pay off their student loans __ estimated at $40 million.

Robert F. Smith, this year’s commencement speaker, made the announcement while addressing nearly 400 graduating seniors of the all-male historically black college in Atlanta. Smith, who is black, is the Founder and CEO of Vista Equity Partners, a private equity firm that invests in software, data, and technology-driven companies.

“On behalf of the eight generations of my family that have been in this country, we’re gonna put a little fuel in your bus,” the investor and philanthropist told graduates in his morning address. “This is my class, 2019. And my family is making a grant to eliminate their student loans.”

The announcement immediately drew stunned looks from faculty and students alike. Then the graduates broke into the biggest cheers of the morning. Morehouse said it is the single largest gift to the college.

Smith, who received an honorary doctorate from Morehouse during the ceremony, had already announced a $1.5 million gift to the school. The pledge to eliminate student debt for the class of 2019 is estimated to be $40 million.

Smith said he expected the recipients to “pay it forward” and said he hoped that “every class has the same opportunity going forward.”

“Because we are enough to take care of our own community,” Smith said. “We are enough to ensure that we have all the opportunities of the American dream. And we will show it to each other through our actions and through our words and through our deeds.”

In the weeks before graduating from Morehouse on Sunday, 22-year-old finance major Aaron Mitchom drew up a spreadsheet to calculate how long it would take him to pay back his $200,000 in student loans — 25 years at half his monthly salary, per his calculations.

In an instant, that number vanished. Mitchom, sitting in the crowd, wept.

“I can delete that spreadsheet,” he said in an interview after the commencement. “I don’t have to live off of peanut butter and jelly sandwiches. I was shocked. My heart dropped. We all cried. In the moment it was like a burden had been taken off.”

His mother, Tina Mitchom, was also shocked. Eight family members, including Mitchom’s 76-year-old grandmother, took turns over four years co-signing on the loans that got him across the finish line.

“It takes a village,” she said. “It now means he can start paying it forward and start closing this gap a lot sooner, giving back to the college and thinking about a succession plan” for his younger siblings.

Morehouse College president David A. Thomas said the gift would have a profound effect on the students’ futures.

“Many of my students are interested in going into teaching, for example, but leave with an amount of student debt that makes that untenable,” Thomas said in an interview. “In some ways, it was a liberation gift for these young men that just opened up their choices.”

Just Posted

Wayward animals are a danger on the highway

Animals wandering onto roadways — a hazard that is common at this… Continue reading

Alberta premier hands out earplugs during debate on bill affecting union rights

EDMONTON — Premier Jason Kenney passed out earplugs in the legislature overnight… Continue reading

Alberta asks Court of Appeal to look at constitutionality of federal carbon tax

EDMONTON — Alberta’s justice minister says the province is asking the courts… Continue reading

Report finds many birds in decline but co-operation works to rebuild populations

The bad news is that the populations of more than one-quarter of… Continue reading

Raptors coach Nick Nurse says meeting in the works with Prime Minister Trudeau

Toronto Raptors head coach Nick Nurse says a meeting is in the… Continue reading

VIDEO: Avengers: Endgame to be re-released with new footage

‘Avatar’ holds global box office record at $2.788 billion, while ‘Endgame’ stands at $2.743 billion…

Alberta finance minister won’t guarantee delayed union arbitration will occur

EDMONTON — Alberta’s finance minister won’t promise that 180,000 public sector workers… Continue reading

Elections Canada scraps social media ‘influencers’ to encourage youth vote

OTTAWA — Elections Canada has scrapped plans to use social-media “influencers” to… Continue reading

Quebec’s biggest French school board postpones applying religious symbols law

MONTREAL — Quebec’s largest school board has voted to delay application of… Continue reading

B.C. Conservative MP Mark Warawa dies after cancer diagnosis

OTTAWA — Conservative MP Mark Warawa has died after being diagnosed with… Continue reading

Trump promises help with Canadian detainees in China as Trudeau visits D.C.

WASHINGTON — U.S. President Donald Trump says he will raise the issue… Continue reading

VIDEO: Avengers: Endgame to be re-released with new footage

‘Avatar’ holds global box office record at $2.788 billion, while ‘Endgame’ stands at $2.743 billion…

‘He gets it’: Bowen Byram set to hear name called early at NHL draft

VANCOUVER — Bowen Byram’s bantam coach knew almost immediately the defenceman would… Continue reading

Guardado scores 2 as Mexico beats Canada 3-1

DENVER — Andres Guardado had two goals in the second half, Roberto… Continue reading

Most Read