Congratulations, Morehouse Class of ’19: Your Loans Will Be Paid Off
The billionaire Robert F. Smith said in a commencement address at Morehouse College on Sunday that his family would eliminate the new graduates’ student loans.
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.
A remarkable story of generosity. A billionaire told the Morehouse Class of '19 he would pay off all their student loans.
Julie Margetta Morgan
This is great, and also a very modest tax on a other ultra-wealthy Americans could lift the burden of student debt on millions more borrowers.
What a wonderful story! Note: "In 2016, Cornell University, where Mr. Smith earned a bachelor’s degree ..."
2/ billionaires are taking care of our problems, and distract us from the ways in which others in finance are working to cause problems like student debt, or the subprime crisis, on an epically greater scale than this gift.”
Of course it isn’t a solution. But it beats the hell out of buying a $91 million stainless steel rabbit. Bravo.
Wow! - Morehouse Graduates’ Student Loans to Be Paid Off by Billionaire
Lily Jampol, Ph.D.