AUSTIN, Texas — "This is my class, 2019," said Robert F. Smith, Austin-based billionaire and investor. "My family is making a grant to eliminate their student loans."
It is the story that is inspiring people across the world.
Smith announced he will pay off all the student loan debt of 2019 Morehouse college graduates. He made the announcement during the commencement speech he gave Sunday to the 396 graduates.
That's an estimated $40 million.
"When you respect your own body of work, that's all the respect you need," said Smith as part of his commencement speech.
According to Forbes, the investor's net worth is $5 billion and he is the country's richest black man.
Smith's company, Vista Equity Partners, has offices in Austin. He is originally from Denver.
Tam Hawkins, CEO of the Greater Austin Black Chamber of Commerce, said Smith has been a "wonderful" contributor in the past.
"What donations mean for this organization is the ability to implement programs that really assist to grow the black business market in Central Texas," said Hawkins.
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Smith's also part of the Giving Pledge, a commitment by the world's richest people to donate more than half of their wealth to philanthropy.
Former Austin Area Urban League President Teddy McDaniel was at the graduation and said this will give graduates a huge boost.
"Whether it's starting a business or going to grad school or buying an asset, all these students will start at zero," said McDaniel.
Smith now challenges graduates to give back too.
"I want my class to look at these alumnus," said Smith. "These beautiful Morehouse brothers, and let's make sure every class has the same opportunity going forward."
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