Graduation speaker pledges to pay class of 2019 student debt

Robert F. Smith made the announcement to an all-male historically black college in Atlanta

A billionaire technology investor and philanthropist says he will provide grants to wipe out the student debt of the entire graduating class at Morehouse College – an estimated $40 million.

Robert F. Smith, this year’s commencement speaker, made the announcement Sunday morning while addressing nearly 400 graduating seniors of the all-male historically black college in Atlanta. Smith 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,” Smith told the graduates. “This is my class, 2019. And my family is making a grant to eliminate their student loans.”

The announcement elicited stunned looks from faculty and students alike, before 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.”

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.”

Errin Haines Whack, The Associated Press

Like us on Facebook and follow us on Twitter.

Just Posted

Cache Creek councillor has committee appointments rescinded

Council also presented with need for roof repairs to Cache Creek fire hall

RCMP conclude investigation into 2017 Elephant Hill wildfire

Files have been turned over to BC Prosecution Service

HUB Online Network finding its feet, documenting the region

New venture already has nearly three dozen videos up on YouTube channel

New support resource in area for women with disabilities

Pacific Dawn will be holding regular meetings in Ashcroft for women with disabilities

Handbell choir looking for new members to learn an old art form

Desert Bells Handbell Choir one of the few four-octave choirs in the province

VIDEO: Drone footage documents work to free salmon at Big Bar landslide

Video shows crews working to remove rocks and wood, and transporting salmon by helicopter

Defense says burden of proof not met in double murder case against Victoria father

Closing statements begin in trial for man accused of killing daughters Christmas 2017

B.C. dog breeder banned again after 46 dogs seized

The SPCA seized the animals from Terry Baker, 66, in February 2018

Surrey mom allegedly paid $400,000 for son in U.S. college bribery scam

Xiaoning Sui, 48, was arrested in Spain on Monday night

Three dogs found shot dead in Prince George ditch

The three adult dogs appeared to be well cared for before being found with gunshot wounds, BC SPCA says

B.C. party bus company to be monitored after 40 intoxicated teens found onboard

Police received tip teens and young adults were drinking on party buses and limousines in Surrey

Rick Mercer calls out Conservative candidate in B.C. for fake meme

‘Not true. All fake. Please Stop,’ tweeted Rick Mercer in response

Bear killed in Kimberley after chasing girl, wreaking havoc on town

This particular brown-coloured bear has been the subject of many calls this summer; very food habituated, CO says

Police investigate after intoxicated teens clash with security at B.C. fair

18-year-old woman arrested and RCMP looking at possible assault in Victoria-area fall fair incident

Most Read