A billionaire will pay off debt of Morehouse College's 2019 graduates. Here is what that gesture means
Billionaire investor Robert F. Smith's commitment to pay off the student loan debt for graduates of the historically black Morehouse College covers up to $40 million, the school said.
"When you have to service debt, the choices about what you can go do in the world are constrained," Morehouse President David A. Thomas said Sunday." gives them the liberty to follow their dreams, their passions."Smith's gesture, which Thomas called"a liberation gift," will enable graduates to have more capital to do things like start businesses and support their families.
— Morehouse College May 20, 2019 African-American students usually take on more debtAfrican-American students are more likely than their peers to take out federal student loans regardless of whether they attend public or private institutions or community colleges, according the Center for American Progress.
— Morehouse College May 19, 2019 Black borrowers have higher rates of default Nearly half of African-American students defaulted on a federal student loan within 12 years of entering college, according to the Center for American Progress report.
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