Robert F. Smith, keynote speaker for Morehouse College’s commencement ceremony, said he would pay off the college debt of the class of 2019, approximately $40 million. Photo: Steve Schaefer/Atlanta Journal-Constitution via APThe news took the internet by storm: Billionaire Robert F. Smith promised during a commencement address at Morehouse College in May to wipe out the student loans of the school’s graduating class, a gift estimated at $40 million. The first year out of Morehouse for last year’s graduating class shows what kind of impact the gift may have. Student-loan debt has prompted some alumni to delay graduate school or move back home to save money.

Source: Wall Street Journal June 04, 2019 13:33 UTC