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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."
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.
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."
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."
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.
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.
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?
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.
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.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.
What a present. Wow!
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.
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