Billionaire’s gift to wipe out Morehouse student loans highlights debt ‘crisis,’ advocates say

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College is expensive to attend and after graduation, the loans are even more expensive to pay back. When there is some sort of relief, it is a blessing! Morehouse College graduate, Keith Anderson, received the surprise announcement by billionaire tech investor Robert F. Smith to pay off his entire class’ student loan debts.

Talk about a blessing!

Anderson is a physics major at the all-male, historically black college in Atlanta. He made it through with scholarships; however, he still has approximately $15,000 in loan debt. With the recent announcement, Anderson can now attend graduate school with a clean slate.

“I’m happy for my entire class,” Anderson said Monday. “This is a weight off of everyone’s back.”

Smith made a promise to eliminate up to $40 million in student loans for the 400 graduates. The current and growing burden of the nationwide student loan debt is trickling at $1.5 trillion. This is double the amount from 10 years earlier, according to the Federal Reserve.

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