Students in the USA got a huge surprise at a ceremony. They were listening to a speech at Morehouse College from the philanthropist Robert F. Smith. He told 400 students that he would pay their student loans, worth about $40 million. He said: "This is my class, 2019, and my family is making a grant to eliminate their student loans." He added that he was paying the loans, "on behalf of the eight generations of my family who have been in this country".
Robert F. Smith, 56, graduated with an MBA with honors. He founded an investment company which manages over $46 billion in assets. It made him a multi-billionaire. Mr Smith was the first African-American to sign the Giving Pledge. He promised to give at least half of his wealth away. A graduate who had his $150,000 loan paid off said it would have an "immeasurable impact" on his life. He said: "Just imagine the weight lifted off your shoulders."