Morehouse College's commencement speaker erases class of 2019's debt

Billionaire Robert F. Smith made a surprise announcement that he will covering the close to 400 graduates' student loans.
2:22 | 05/20/19

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Transcript for Morehouse College's commencement speaker erases class of 2019's debt
So guys if you're looking for some good news billionaire Robert F Smith delivered he was the commencement speaker and Morehouse College on Sunday. And he announced that he would pay off all debt for the entire 2019. Graduating class take a look. Other days. Generations of my family who have been in this country. We're gonna put a little fuel in your bus Oxfam is making a grant to eliminate their student loans. Irate OK so in if you didn't catch this guy win Robert F Smith was speaking you can check him out in a corner yes that reaction I think that was all of us. I think I was personally jumping around like they were my face student loans this was huge so. Steve oath and Sami is in Atlanta with more. Kimberly administrators here on morehouse has campus are still trying to figure out how all of this is going to work. What we understand is that mr. Smith Robert F Smith is giving the school a forty. Million dollar grant of some sort and that's going to be used to pay off all of these loans it was quite a surprise. Administrators had a copy of the speech in advance and none of this was in there they were surprised as anyone else you could see it on the faces of everyone. School administrators parents students no one was expecting this. At all and they are all overjoyed we talked with one student who told us that he has a 100000. Dollars. In debt and the idea that he's going to walk into the world with all of that paid off. It's just blowing his mind. Smith is the quiet billionaire most people had never heard of is worth an estimated five billion dollars in. Recently surpassed Oprah Winfrey as the wealthiest African American. In this country he's also the first black business leader decide bill and Melinda Gates is giving pledge. Where the wealthiest Americans agree to give half of their well. To the lamp for B. Again wiping out all of the debt of this entire graduating class some 400 students. People here couldn't be happier. And we're still waiting to see exactly how all of this is going to shake out. Steve that is just absolutely unbelievable the man deserves. A hand clap.

This transcript has been automatically generated and may not be 100% accurate.

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