This is amazing - the billionaire who was addressing the Class of 2019 at commencement made a surprise announcement during his speech this morning. What a wonderful gift to these young men’s futures!
It’s truly a wonderful gift for those kids!
Michael Scott made a similar promise in The Office tv series. Hopefully this turns out better! ?
Link to article from the NY Times - https://www.nytimes.com/2019/05/19/education/morehouse-college-robert-f-smith.html?action=click&module=Latest&pgtype=Homepage
I wonder how the women graduates of Spleman College feel?
Oh, I’m sure a lot of students/families feel jealous including the Morehouse Class of 2018 and 2020. But, such a wonderful and generous story that should be celebrated by all. What a life changing gift for these students and their families!
How about the kids that were accepted into Morehouse four years ago and went somewhere else? Ouch.
It’s an unbelievable gift, and it is life changing for those graduates. He is my hero.
One of my favorite grad students went to Morehouse for undergrad. I am certain he has no ill feelings about not getting this gift when he graduated. I am willing to bet he is just plain happy for the men who benefited today. (In fact, he is probably hoping to someday be in a position to change lives in a similar manner, even if on a smaller scale.).
This is a cause for celebration.
My kid works for a corporation he owns. She and her coworkers wish he would pay off their loans. But that would not be as flashy…
How about the kids/parents who saved for years and paid full freight?
Looks like 74% of frosh and 68% of all Morehouse students get federal student loans, according to https://nces.ed.gov/collegenavigator/?id=140553#finaid . 93% of frosh got some kind of financial aid. List price is about $49k (less for commuters).
Bet the parents who scrimped and saved and sacrificed are feeling a bit rueful about that decision right now.
What an amazing gift!
https://www.cnn.com/2019/05/19/us/morehouse-robert-smith-student-loans-trnd/index.html
I hope others are inspired to do the same.
“How about the kids/parents who saved for years and paid full freight?”
“Bet the parents who scrimped and saved and sacrificed are feeling a bit rueful about that decision right now.”
Jeesh, people. This is a good thing for many students! Let’s celebrate it not rue about it. It makes me sad that people’s responses here are negative. It’s like winning the lottery. Not something anyone expected.
But are you surprised, given that, on these forums, a lot of resentment flows downward (e.g. self-described “donut hole” people with income/wealth too high for FA at any college complaining that poor people may get FA at some colleges, even though it often is nowhere close to making colleges affordable for them)?
Wonderful grant/$40M gift.
The Morehouse president, who was equally shocked at the announcement, said the average debt of a Morehouse grad is around $30K.
It seems every time someone spends money to help someone or something, some on this board complain about it. It doesn’t matter whether it’s Chobani paying the lunch bill for kids in Warwick, Rhode Island; corporations giving money to restore Notre Dame, or a billionaire paying off the loans of the Morehouse class of 2019.
I think it really discourages some people from doing good things when they see others criticized for trying to help.
I’d like to think it wouldn’t stop anyone from being generous, but who knows? It definitely shows the character of those who are jealous and/or judgmental. I agree with the pp who said it’s similar to winning the lottery. There was no way to know in advance, some folks got lucky, and jealousy seems to come out from those who are prone to it - even close family members or friends.
I’m thrilled for those students and wish I could do the same to some class, somewhere, but our finances aren’t in that league.
The news interviewed Brandon Sinnoh, a graduate who had $100K in loans before this generous grant wiped it away!