Surprise! Billionaire pledges to pay off Morehouse graduates' loan debt

The commencement speaker had one simple request of the alums: to pay his good deed forward.
1:10 | 05/20/19

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Transcript for Surprise! Billionaire pledges to pay off Morehouse graduates' loan debt
Finally tonight here, America strong. The graduates and the surprise gift. Here's Steve osunsami. Reporter: For the class of 2019 at Morehouse college. Everyone went into tears, into hugging and crying together. Reporter: Billionaire Robert F. Smith surprised everyone, students, their parents and clearly this man, by offering to pay off school loans of every student about to cross this stage. This morning, I owed over $100,000 in student loans. And now I'm debt free. We're going to put a little fuel in your bus. My family is making a grant to eliminate their student loans. Reporter: He's committing up to $40 million. Smith is quietly one of the richest men in America, a venture capitalist and captain of industry, worth more than $5 this incrible gesture sent students dancing to get their diplomas and has them ready for the world. Steve osunsami, ABC news, Atlanta. Wow. What a gift from Robert Smith. Paying it forward. I'm David Muir. I hope to see you right back here tomorrow night. Until then, good night.

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

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