Billionaires

Billionaire pays off student debt of Morehouse College's entire graduating class

Robert F. Smith
Robert F. Smith. Photo: Kevin Mazur/Getty Images for RFK Ripple of Hope

Commencement speaker and billionaire Robert F. Smith announced Sunday he will donate an estimated $40 million to pay off the student debt for the 400 students graduating at the historically black, all-male Morehouse College, the Atlanta Journal-Constitution reports.

Why it matters: Student debt in the United States has reached $1.5 trillion. Studies show student debt causes lower incomes and is the No. 1 stressor of millennials.

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