American billionaire surprises graduating students with Sh4 billion pledge to pay off their loans.


Monday, May 20, 2019- Over 400 students at Morehouse College in the US got their best graduation gift ever after renowned investor and philanthropist, Robert F. Smith, offered to pay off their student loans.

 The 56-year-old, former chemical engineer and investment banker , who was ranked by Forbes as the 163rd richest person in America last year will pay an estimated Sh4 billion ($40m) to cover the debts for the entire 2019 class at Morehouse College.

“My family is going to create a grant to eliminate your student loans,” Smith said, according to a tweet from the school.

 “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,” he told the graduates at the private, all-male, liberal arts, historically black college located in Atlanta.

He added, “This is my class, 2019. And my family is making a grant to eliminate their student loans. I know my class will make sure they pay this forward… and let’s make sure every class has the same opportunity going forward because we are enough to take care of our own community.”

According to Forbes magazine, Smith’s net worth is about $5 billion. He has given generously before, to Cornell University, one of his alma maters, and cancer research and the arts.

Smith becomes the first African American to sign the Giving Pledge, a campaign started by Bill and Melinda Gates and Warren Buffett that encourages the world’s wealthiest individuals to commit to dedicating the majority of their wealth to philanthropic causes.

The Kenyan DAILY POST.

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