Billionaire offers to pay off $40 million debt for graduating students

Billionaire offers to pay off $40 million debt for graduating students

Clearing students' loan after graduating from university or college can be a stressful obligation, but what if someone could offer to settle that burdensome debt on your behalf?

That was precisely what happened to a graduating class of 2019 at Morehouse College when Robert Smith, a billionaire investor and philanthropist, offered to wipe clean all their college debts amounting to a jaw-dropping $40 million.

Billionaire Smith made the unprecedented announcement on Sunday, May 19, when he visited the all-male college in Atlanta, United States (US), to speak to the graduating class, according to Aljazeera and other international news outlets privy to the multi-million pledge.

"On behalf of the eight generations of my family that have been in this country, we are going to put a little fuel in your bus...

"My family is making a grant to eliminate their student loans," Smith, founder and CEO of Vista Equity Partners, told a gathering of 400 graduating seniors.

The pledge reportedly caught the students and the college staff by a huge surprise and they took a moment to decipher what Smith had just said before they all erupted in thunderous applause and celebration.

Morehouse College described Smith's donation as the largest gift ever received by the American institution.

The amount was enough to clear more than half of what some 60,000 plus beneficiaries of the Higher Education Loans Board (HELB) who owed the board estimated at KSh 6.5 billion as of May 2019.

The money may seem too much to just donate with nothing to expect in return, but not for billionaires who believe there is more to life than having a lot of money.

That was recently made clearer by Singapore's richest man, Philip Ng Chee Tat, who equally took the world by surprise when he said living without Jesus and focusing on material things is a sad way to live.

In an interview with Believers Portal, Philip, an ardent Christian, argued all humans are broken and the piece that makes them whole is Jesus Christ. "I have discovered all of us are broken, we all have a missing piece. For me, I discovered the missing piece was God in Jesus Christ,” he said.

READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda

Recall that Legit.ng earlier reported that the United States has the most billionaires in the world with 420 more people than China.

In total, there are 705 billionaires in the US, 285 in China, 146 in Germany, 102 in Russia, and 97 in the UK. The total worth of US billionaires is more than the billionaires of eight highest-ranking countries of China, Russia, Germany, United Kingdom, Switzerland, Hong Kong, India, and Saudi Arabia put together.

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Source: Legit.ng

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