Robert Smith on his epic Morehouse donation to pay off student debt: ‘I wanted to show them there’s a Black man who believes in you’
OPINION: In this clip from "Masters of the Game," the entrepreneur and philanthropist explains why he paid $34 million to clear the student debt of Morehouse's graduating class of 2019.
Editor’s note: The following article is an op-ed, and the views expressed are the author’s own. Read more opinions on theGrio.
Robert Smith is the billionaire who gave the 2019 commencement speech at Morehouse and announced that he was paying off all student loan debt for the entire graduating class. He paid $34 million to clear the debt of all 396 students who finished Morehouse College that spring. That was an extraordinary moment of financial liberation for those students, which gave them the gift of entering the workforce without that burden. I wanted to know why he did it.
When I interviewed Smith for “Masters of the Game” for TheGrio Cable Network, he was, of course, thrilled to talk about this moment. You can see how grateful he is to be in a position to help so many young Black people get a step ahead. Smith has been working to help alleviate student loan debt for years, but for him, there was something bigger in this gift. He said he wanted those students to know that someone is saying “I believe in you.” That’s a powerful thing for a young Black person to hear.
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I also wondered if Smith’s gift was the end of his relationship with those students or the beginning of an ongoing conversation. Like any good angel investor, he’s still talking with those students and advising them. He has a monthly call with many of them, and he’s eager to see how they fare and to help them wherever he can. I think many of them will find that Smith’s gift changed their lives in really profound ways.
This is an amazing example of how privately held wealth can be used to help others and how Black wealth can be used to make a real difference in the community.
For more of my conversation with Robert Smith watch “Masters of the Game,” streaming now.
Toure is a host and writer at TheGrio. He hosts the TheGrio TV show “Masters of the Game,” and he created the award-winning podcast “Being Black: The ’80s” and its upcoming sequel “Being Black: The ’70s.” He is also the creator of “Star Stories” and the author of eight books, including “Nothing Compares 2 U an oral history of Prince.” He also hosts a podcast called “Toure Show.” He is also a husband and a father of two.
