Morehouse College grads are surprised by a billionaire's promise to pay off their student loans

[poweRob]

What a present. Wow!

Morehouse College grads are surprised by a billionaire's promise to pay off their student loans

Morehouse College seniors got a surprise Sunday when billionaire investor Robert F. Smith announced during his commencement speech that he would pay off the student loan debt for the historically black college's graduating class.

"On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus," he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.

The total amount covered for the 396 students is up to $40 million, said Morehouse President David A. Thomas. He called Smith's gesture "a liberation gift."​

 

[Felis Leo]

What a present. Wow!

Morehouse College grads are surprised by a billionaire's promise to pay off their student loans

Morehouse College seniors got a surprise Sunday when billionaire investor Robert F. Smith announced during his commencement speech that he would pay off the student loan debt for the historically black college's graduating class.

"On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus," he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.

The total amount covered for the 396 students is up to $40 million, said Morehouse President David A. Thomas. He called Smith's gesture "a liberation gift."​

That is absolutely wonderful. There are few greater gifts than being able to graduate from an institution of higher learning debt-free.

 

[dirtpoorchris]

Man! Arent those kids lucky!

 

[poweRob]

I like how he said, "2019 is my class"... and then said that he knows his class will pay it forward.

 

[Checkerboard Strangler]

What a present. Wow!

Morehouse College grads are surprised by a billionaire's promise to pay off their student loans

Morehouse College seniors got a surprise Sunday when billionaire investor Robert F. Smith announced during his commencement speech that he would pay off the student loan debt for the historically black college's graduating class.

"On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus," he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.

The total amount covered for the 396 students is up to $40 million, said Morehouse President David A. Thomas. He called Smith's gesture "a liberation gift."​

Now THAT is what you call LOVE for your community. God bless this man.

 

[Ahlevah]

That is absolutely wonderful. There are few greater gifts than being able to graduate from an institution of higher learning debt-free.

It takes the right tool to do a job, in this case a Capitalist Tool.

#355 Robert F. Smith

 

[Risky Thicket]

I love it! This is very good news. It is a wonderful selfless deed. It is a great thing for the kids graduating, great for a historic university and great for the nation.

 

[poweRob]

It takes the right tool to do a job, in this case a Capitalist Tool.

#355 Robert F. Smith

Then why haven't the other 354 tools done something like this? Other than the Gates of course who are busy curing diseases for the world. The right tool would be debt free college in the first place.

 

[joko104]

What a present. Wow!

Morehouse College grads are surprised by a billionaire's promise to pay off their student loans

Morehouse College seniors got a surprise Sunday when billionaire investor Robert F. Smith announced during his commencement speech that he would pay off the student loan debt for the historically black college's graduating class.

"On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus," he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.

The total amount covered for the 396 students is up to $40 million, said Morehouse President David A. Thomas. He called Smith's gesture "a liberation gift."​

At $100,000 per student, that must be a fabulous college!

 

[Threegoofs]

What a present. Wow!

Morehouse College grads are surprised by a billionaire's promise to pay off their student loans

Morehouse College seniors got a surprise Sunday when billionaire investor Robert F. Smith announced during his commencement speech that he would pay off the student loan debt for the historically black college's graduating class.

"On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus," he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.

The total amount covered for the 396 students is up to $40 million, said Morehouse President David A. Thomas. He called Smith's gesture "a liberation gift."​

Well, to put it all in perspective, the guy has opposed taxation on carried interest, a billionaire tax break that would net $18B a year in taxes.

So... this generous gift was subsidized by... us.

Anand Giridharadas on Twitter: "Amid the worthy praise for Robert Smith’s gift, a bitter truth:

Smith has opposed closing the carried-interest loophole, which enriches his industry and may cost the government $18 billion a year. Closing it would raise enough to do 450 such gifts a year. https://t.co/tfHrEDnypG"

 

[Ahlevah]

Then why haven't the other 354 tools done something like this? Other than the Gates of course who are busy curing diseases for the world.

Have you heard of the The Giving Pledge?

In August 2010, 40 of America’s wealthiest individuals and couples joined together in a commitment to give more than half of their wealth away. Created by Bill and Melinda Gates and Warren Buffett, the Giving Pledge came to life following a series of conversations with philanthropists around the world about how they could collectively set a new standard of generosity among the ultra-wealthy....

The Giving Pledge is a simple concept: an open invitation for billionaires, or those who would be if not for their giving, to publicly dedicate the majority of their wealth to philanthropy. And it is inspired by the example set by millions of people at all income levels who give generously–and often at great personal sacrifice–to make the world better. Envisioned as a multi-generational effort, the Giving Pledge aims over time to help shift the social norms of philanthropy toward giving more, giving sooner, and giving smarter....

Today, the pledge includes 191 of the world’s wealthiest individuals, couples, and families, ranging in age from their 30s to their 90s. :shock: Globally, they represent 22 countries: Australia, Brazil, Canada, China (mainland and Taiwan), Cyprus, Germany, India, Indonesia, Israel, Malaysia, Monaco, Norway, Russia, Saudi Arabia, Slovenia, South Africa, Tanzania, Turkey, Ukraine, UAE, the United Kingdom, and the United States.

The right tool would be debt free college in the first place.

Have you noticed how every time government subsidizes something it ****s it up? I have.

 

[Felis Leo]

Well, to put it all in perspective, the guy has opposed taxation on carried interest, a billionaire tax break that would net $18B a year in taxes.

So... this generous gift was subsidized by... us.

Unless Robert F. Smith engaged in some form of illegal tax evasion, I do not see how his generosity was "subsidized by us." Is it your position that every dollar that someone makes through honest means but does not hand over to the government is money stolen from the rest of us, Threegoofs? And that this act of charity is merely a charade because he did not wish to be taxed more? Presuming that you are working, do you genuinely view the money you receive after taxes with guilt and shame, as though you have received stolen property? And that anything you spend that money on was "subsidized" by other taxpayers? Do you then vote at every chance to raise taxes on yourself?

Anand Giridharadas on Twitter: "Amid the worthy praise for Robert Smith’s gift, a bitter truth:

Smith has opposed closing the carried-interest loophole, which enriches his industry and may cost the government $18 billion a year. Closing it would raise enough to do 450 such gifts a year. https://t.co/tfHrEDnypG"

So, if that so-called tax loophole had been closed, that money would have gone towards paying for the education of 178,200 underprivileged college graduates? I'm sure that taking the money from Robert F. Smith and other wealthy individuals could have paid for it. Would it have paid for it? No. Not unless the money taken from the carried interest tax was slated to directly pay for grants for underprivileged youth. I find this so much intellectually dishonest and manipulative populist drivel.

It takes a very special kind of mindset to look for and see evil behind any given act of selfless charity in which living, breathing fellow human beings are given a solid hand up. I could snidely ask how many underprivileged people's education Anand Giridharadas has paid for. Of course, he may say that acts of charity perpetuate the conditions which make charity necessary. :shrug:

 

[Threegoofs]

Unless Robert F. Smith engaged in some form of illegal tax evasion, I do not see how his generosity was "subsidized by us." Is it your position that every dollar that someone makes through honest means but does not hand over to the government is money stolen from the rest of us, Threegoofs? And that this act of charity is merely a charade because he did not wish to be taxed more? Presuming that you are working, do you genuinely view the money you receive after taxes with guilt and shame, as though you have received stolen property? And that anything you spend that money on was "subsidized" by other taxpayers? Do you then vote at every chance to raise taxes on yourself?



So, if that so-called tax loophole had been closed, that money would have gone towards paying for the education of 178,200 underprivileged college graduates? I'm sure that taking the money from Robert F. Smith and other wealthy individuals could have paid for it. Would it have paid for it? No. Not unless the money taken from the carried interest tax was slated to directly pay for grants for underprivileged youth. I find this so much intellectually dishonest and manipulative populist drivel.

You fail to grasp the larger point.

This is as sad as hearing about people having their high medical bills paid for by crowdfunding.

We, as a nation, certainly have the capacity to provide basic health care and higher education for the nation. Many poorer nations do it with no problems.

The reason we can’t is because we’d rather concentrate the wealth in a few people rather than many.

So I’m not real bowled over by the generosity of donating a pittance (and yes, 40MM of a 2 Billion dollar fortune is a pittance) to a few students.

 

[MrPeanut]

Then why haven't the other 354 tools done something like this? Other than the Gates of course who are busy curing diseases for the world. The right tool would be debt free college in the first place.

Thank you for making that point. I'm very happy for these young adults but stories like these also point out how society is failing. It's a lot like those "feel good" stories about a bunch of people buying a teacher a car because she can't afford one or somebody successfully raising money on go fund me for their cancer treatment.

 

[Slavister]

What a present. Wow!

It's quite a present indeed... but I am bothered but this all too real scenario...

Imagine two kids in that class - Jason and Mike. Jason and his family scrimped and saved to pay for as much tuition as possible, taking on almost no debt. Mike's family did not. Now, Mike gets a way larger "gift" as a result. Good lesson for Jason?

 

[Felis Leo]

You fail to grasp the larger point.

This is as sad as hearing about people having their high medical bills paid for by crowdfunding.

I think I am failing to grasp you larger point. Do you believe that generosity and charity merely serve to highlight and exacerbate the conditions which make generosity and charity necessary?

We, as a nation, certainly have the capacity to provide basic health care and higher education for the nation. Many poorer nations do it with no problems.

I do not think anyone who look at these issues with any degree of seriousness (including those people within those nations) say they are able to provide basic health care and higher education free of charge with "no problems."

The reason we can’t is because we’d rather concentrate the wealth in a few people rather than many.

Do you believe it is the fault of the wealthy that poverty exists? And that the only way to cure poverty is to dispossess the wealthy of as much of their wealth as possible to eliminate the conditions in which poverty occurs? Which country, in your opinion, gets it right and you wish the United States would emulate?

So I’m not real bowled over by the generosity of donating a pittance (and yes, 40MM of a 2 Billion dollar fortune is a pittance) to a few students.

You will forgive me for being much more easily impressed than you by someone giving more money than I and I daresay you will make in our lifetimes and directly paying for near-four hundred students' educations. It is by no means a pittance to me, and certainly not a pittance to those students. And what makes this more impressive (really, impressive at all) is the fact that he was under no obligation whatsoever to do so, but did it anyway. Have you donated 2% of your wealth to charity? Not 2% of your income mind you, but 2% of the total value of everything that you ?