Morehouse College $40 million student loan miracle 'made possible by Capitalism'
Robert Smith, the billionaire keynote graduation speaker at Morehouse College, announced during his address to the school's Class of 2019 Sunday that he was paying off all of their student loan debt, estimated to be worth about $40 million.
“My family is going to create a grant to eliminate your student loans," Smith announced during his address.
“Let's make sure every class has the same opportunity going forward because we are enough to take care of our own community. We are enough to ensure we have all the opportunities of the American Dream and we will show it to each other through our actions and through our words and through our deeds,” Smith declared. “So class of 2019, may the sun always shine upon you, may the wind always be at your back and may God always hold you in the cradle of her hand.”
The Columbia graduate who had already promised 50 million to his alma mater via his personal funds and through his foundation, Fund II Foundation, is estimated to be paying roughly $40 million to settle the Morehouse debt.
Smith, in addition to his speech, was also given an honorary doctorate degree from the historically black, all-male institution.
Campus Reform's Emma Meshell weighed in Monday on the billionaire's generous gift on Fox Business's Varney & Co.
"Really what this shows is the positive effect of having private wealth in this country. And it's really fashionable on the Left right now to demonize businessmen and to demonize the ultrawealthy as they call them, but the fact here is that Americans give $410+ billion to charity every year," Meshell said, adding that what Smith did is "made possible by Capitalism and by people's ability to get wealthy and give away their money freely."
"That's what made this thing possible and it's what's going to give these students the ability to chase their dreams after college without having any debt," Meshell said.
Follow the author of this article on Twitter: @Grace_Gotcha