When billionaire Robert F. Smith paid off the debt of Morehouse College’s Class of 2019, he started something. Now the premier collegiate institution for Black men has begun a fund to help all of its graduates with student loan debt, reported Black Enterprise.
According to a press release, the Morehouse College Student Success Program is a fundraising and research initiative aimed at helping graduates “prosper faster” by curbing student loan debt.
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Established by the college’s Board of Trustees, the program will also study the impact being in debt has on its graduates in comparison to those who are not.
“The Morehouse College Student Success Program will provide students with a liberating gift that will wipe away or greatly reduce their student loans, allowing them to pursue their dreams and lead lives of leadership and service immediately after graduation,” Morehouse President David A. Thomas said.
“We, at Morehouse, see the Student Success Program as an important step toward improving outcomes for our graduates and addressing the income disparities that people of color experience when they are overburdened by debt.”