A billionaire technology investor stunned the graduating class at Morehouse College in Atlanta by announcing at their commencement Sunday that he would pay off their student loans — estimated at up to $40 million US. Robert F. Smith, this year's commencement speaker, addressed nearly 400 graduating seniors of the all-male historically black college in Atlanta. And my family is making a grant to eliminate their student loans." 1:21Though college officials could not provide an estimate of the exact amount owed by the current graduating class, students graduate with an average debt of $30,000 to $40,000, said Terrance L. Dixon, vice-president of enrolment management. Morehouse College president David A. Thomas said the gift would have a profound effect on the students' futures.

Source: CBC News May 20, 2019 12:11 UTC