Robert F. Smith gives the Morehouse College 135th Commencement May 19 in Atlanta, Georgia. Photo: Marcus Ingram/Getty Images

Billionaire Robert F. Smith's pledge to pay off the Morehouse College class of 2019's student loan debt, previously estimated to be a $40 million gift, will cost $34 million and will "now include federal educational debt amassed by parents," Bloomberg reports.

The big picture: Student debt in the U.S. has reached $1.5 trillion, according to the Center for American Progress, and the class of 2018 graduated with a record average of $29,200 in loans to help pay for a bachelor's degree. Black students are also 20% more likely than others to need federal student loans. The USC Race and Equity Center found this year that public higher education lacks resources to support black students from admissions to graduation.

Details: More than 400 borrowers who graduated Morehouse College will be covered by by Smith's donation for loan balances held as of Aug. 28, per Bloomberg. The college said on Friday that "the student loan debt at graduation is $35,000 to $40,000, which is higher than the average for students at historically black colleges and universities."

Go deeper: Morehouse debt relief highlights broken system for black students in higher ed

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Senate advances Amy Coney Barrett nomination, setting up final confirmation vote

Photo: Xinhua/Ting Shen via Getty Images

The Senate voted 51-48 on Sunday to advance the Supreme Court nomination of Judge Amy Coney Barrett, setting up a final confirmation vote for Monday.

Why it matters: It's now virtually inevitable that the Senate will vote to confirm President Trump's third Supreme Court nominee before the election, which is just nine days away.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Wall Street is living up to its bad reputation

Illustration: Sarah Grillo/Axios

Recent headlines will have you convinced that Wall Street is hell-bent on living up to all of its stereotypes.

Driving the news: Goldman Sachs is the biggest and the boldest, paying more than $5 billion in fines in the wake of the 1MDB scandal, in which billions were stolen from the people of Malaysia.

2 hours ago - Health

Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk

Former FDA commissioner Scott Gottlieb said "the short answer is yes" when asked whether Vice President Mike Pence is putting others at risk by continuing to campaign after several aides tested positive for COVID-19, stressing that the White House needs to be "very explicit about the risks that they're taking."

Why it matters: The New York Times reports that at least five members of Pence's inner circle, including his chief of staff Marc Short and outside adviser Marty Obst, have tested positive for the virus. Pence tested negative on Sunday morning, according to the VP's office, and he'll continue to travel for the final stretch of the 2020 campaign.