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

Graduates react after hearing billionaire technology investor and philanthropist Robert F. Smith say he will provide grants to wipe out the student debt of the entire 2019 graduating class at Morehouse College in Atlanta, Sunday, May 19, 2019. (Steve Schaefer/Atlanta Journal-Constitution via AP)

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 illionaire 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.

Watch Smith’s speech below:

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