The Morehouse College commencement speaker will pay off the 2019 classes' loans

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.
1:44 | 05/19/19

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Transcript for The Morehouse College commencement speaker will pay off the 2019 classes' loans
Next to a man who is instant hero who to the graduating class of Morehouse college. The billionaire giving a commencement address and millions of dollars to pay off every graduate's tuition debt. The shock and gratitude with that stunning announcement. Reporter: It was already one of the proudest days of these young men's lives at Morehouse college. But tonight, the reality of what their commencement speaker told the nearly 400 graduating seniors is sinking in. This is my class 2019. My family is making a grant to eliminate their student loans. Reporter: A graduation gift estimated at $40 million wiping out the student loan debt of the entire class of 2019. The announcement surprising those on stage. Parents in shock amid the cheers. I asked the person to the left of me, I asked the person to the right of me, the person in front of me, the person in back of me, is this really what he said? Reporter: For Ernest Holmes, that means erasing the $10,000 he still owes. I think we're all still in we don't know what to say, really, that all our debt is gonna be gone. Reporter: Student debt is real issue in this country, especially at historically black colleges. According a "Wall Street journal" analysis, alumni from these schools have a median federal loan debt of about $29,000, 32% more than graduates from other four year schools. These students vowing to pay it forward themselves one day. I will definitely want to get

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