400 young men who have spent have spent the last four years in college will not have to pay back their loans. The entire 2019 graduating class at Morehouse College did something no grads, that we've heard of this year, have done. They graduated with their student loans paid in fulll.
What just happened? Billionaire Robert F. Smith, who was the commencement speaker at Morehouse, announced to the grads he was paying off their student loan debt.
If you're calculating, the tab he's picking up is about $40 million, according to Atlanta media. Morehouse is an all-male historically black college (HBCU) in Atlanta.
Smith, who is black, is the Founder and CEO of Vista Equity Partners, a private equity firm that invests in software, data, and technology-driven companies.
Smith's stunning announcement: "On behalf of the eight generations of my family that have been in this country, we're gonna put a little fuel in your bus," the investor and philanthropist told graduates in his Sunday, May 19 morning address. "This is my class, 2019. And my family is making a grant to eliminate their student loans."
RELATED: Commencement speaker tells Morehouse graduating class he'll pay off their student loan debt
The announcement immediately drew stunned looks from faculty and students alike. Then the graduates broke into the biggest cheers of the morning and stood up, applauding. Morehouse said it is the single largest gift to the college, the Associated Press reports.
The announcement is made about 2 minutes into the speech.▼
RELATED: 'Feels Like I'm In a Dream': Triad Morehouse Grad Grateful After Student Loan Debt Wiped Away
Social media exploded after news of Smith's generosity. Here are some of them that will make smile, cry and laugh out loud.
Mom you wear this--thanks for support during the journey. Morehouse grad puts his pin and medal on his mom. WATCH: ▼▼
Keep promise. ▼▼
No pressure billionaires. *wink wink* ▼▼
Morehouse grad and debt free. His price just went up! ▼▼
Hey ladies...▼▼
Winning for real. ▼
Can I fake a transcript right quick and get in on that? ▼
Triad Morehouse student graduates with no debt thanks to billionaire.
SWAG. When you just graduated from Morehouse College and Robert F. Smith just paid off your student loans. ▼