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In May, the private-equity billionaire Robert F. Smith announced he’d be setting up a grant to wipe out the entire Morehouse College class of 2019’s student-loan debt.
Now that offer has been expanded to also cover those students’ parents’ education debt, according to a September 20 press release.
The gift cost Smith $34 million, the historically black college said in the press release. According to the press release, Smith will make the donation to Morehouse’s new Student Success Program, which will in turn completely pay off all federal student loans borrowed by the 400 Morehouse students who graduated in May, nearly all of whom are black men, as well as loans owed by their parents and legal guardians.