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billionaire pays off entire 2019 graduating class debt

Darts

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Jan 15, 2017
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I was going to mention this but I decided to let someone else do the honor as I had already started threads on donations to McGill and U of T.

Is the $40 million donation a one off or will it be an annual donation?
 

sanderson3d

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I was going to mention this but I decided to let someone else do the honor as I had already started threads on donations to McGill and U of T.

Is the $40 million donation a one off or will it be an annual donation?
I think one off. He seemed to imply in his speech that this class should pay it forward.
 

fall

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Dec 9, 2010
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Billionaire Investor Robert F. Smith announced he is paying off their student debt

https://www.cnn.com/2019/05/19/us/morehouse-robert-smith-student-loans-trnd/index.html
And it teaches students that it is better not to manage the money, but live as they want and go into debt, because there is a chance such debt will be forgiven. A much better way would be to use this money for scholarships for existing students instead of giving them ex-post to students who lived beyond their means. But it will not give such nice publicity.
 

Born2Star

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And it teaches students that it is better not to manage the money, but live as they want and go into debt, because there is a chance such debt will be forgiven. A much better way would be to use this money for scholarships for existing students instead of giving them ex-post to students who lived beyond their means. But it will not give such nice publicity.
Agree, and for some of the students this will be the WORST thing ever happen to their life.
 

Smallcock

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oil&gas

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Ghawar
Some of the graduates must be kicking themselves for
digging into their parents' savings instead of taking out a
student loan. Some might have had to finance their studies
by escorting.
 

Jasmine Raine

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Jul 28, 2014
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First time a wealthy black person does something worthwhile with his money.
You are not serious, are you?

Do you know how many black athletes have started foundations for different charities and have donated to those charities. Not just with money but with time as well. That is just what is widely known.

However, if you want - have a read. This has a list of a bunch of them for you.

https://www.insidephilanthropy.com/home/2016/9/8/meet-the-top-20-philanthropists-of-color.html

Oh and this list is 3 years old. So I'm sure there is more to add to the list now.
 

|2 /-\ | /|/

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Mar 5, 2015
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Some of the graduates must be kicking themselves for
digging into their parents' savings instead of taking out a
student loan. Some might have had to finance their studies
by escorting.
That will teach them a life lesson. Its not all about hard work and following the herd that gets you a head...connections go a long way
 

rhuarc29

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Apr 15, 2009
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While this is very generous and I get that his heart is in the right place, but it's also problematic. For instance, it rewards frivolous spenders the most. Hell, some very hard workers may have little to no debt at all, thinking they were being the responsible ones. Now they'll have to accept that all that hardship was worthless from a financial perspective. Teaches the wrong lesson.

I'm hoping that how this actually works is that he covers the cost of their tuition, rather than simply pay off their debt. That way it benefits the whole class the same, and it doesn't reward the lax over the hardworking.
 
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