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Source: Morehouse College

Billionaire Robert F. Smith pledges to pay off student loans of an entire graduating class and their parents

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Back in May, billionaire Robert F. Smith made headlines when he pledges to pay off the entire Morehouse College class of 2019's student-loan debt. Now the chairman and CEO of the Austin, Texas-based private-equity firm Vista Equity Partners is making headlines again after a further pledge to also pay off the education loans of the students' parents. 

In a press release made on September 20, the historically black college announced that the $34 million gift to Morehouse's new Student Success Program will be used to pay off the student loans of the 400 Morehouse students who graduated in May, almost all of who are black males, as well as any education loans owed by their parents and legal guardians.