May 21,2019

Anna Murray 

Billionaire Robert Smith delivered a surprise announcement during his commencement address at Morehouse College, an all-male college in Atlanta, Georgia, on May 19th— he promised to fully pay off the student loan debt of all the graduates this year. All the people on the scene were dumbfounded, and then burst into unspeakable cheers. Smith said he expected the recipients to “pay it forward” and that “every class has the same opportunity going forward.”  

Smith, aged 56, is the founder and CEO of Vista Equity Partners, a private equity firm that invests in software, data, and technology-driven companies. He has been caring for the black community. Now his property is estimated at $4.4 billion. In 2018, he surpassed talk show queen Oprah Winfrey and became the richest black person in the United States. He would like to repay the student loan for all the 396 graduates of Morehouse College of 2019. It is estimated at $40 million (about NT$1.255 billion). He said that it would be worth doing. He knew that they would continue to carry forward the good deeds and help more African Americans.

This is the biggest gift ever received by this traditional black university. Its well-known alumni include American civil rights fighter Martin Luther King Jr., director Spike Lee and movie star Samuel L. Jackson. Smith told the graduates how he started his business and passed the wisdom of courage and success on to them. He hoped that they would take care of the next generation in the future after accepting this gift. He mentioned many factors for success. Although each of them got such an academic degree achievement by working hard, they had already got a lot of help in the process. Moreover, he encouraged the graduates to engage in doing good for society while getting help.
Smith also reminded the graduates that the diploma was a social contract requiring them to put their talents and energy into the society. Morehouse College president David A. Thomas said these young men could make greater contribution to the world without debts.

It's an immediate, profound impact on students. More opportunities have opened up for them and it inspires them to pay it forward. In fact, this donation not only encourages those graduates but also deepens a conversation about student loan debt in the United States. Anyway, the donation has brought the first step of real change towards the student loan issue.

Photo:Webshot.