LAS VEGAS (KTNV) — Billionaire Robert F. Smith surprised nearly 400 graduates of Morehouse College on Sunday when he announced during his commencement speech that he would pay off their student loans.
His announcement was greeted with a standing ovation and chants of, "MVP!"
"When you have to service debt, the choices about what you can go do in the world are constrained," he said. "(Smith's gift) gives them the liberty to follow their dreams, their passions," said Morehouse President David A. Thomas.
It will cost Smith and his family about $40 million to live up to his promise.
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