Aug 15, 2025
Robert F. Smith
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Robert F. Smith
Robert F. Smith has recruited the Morehouse grads he rescued from student debt in his initiative to create 1 million Black and Latinx youth investors.
Gotta Check This One Out!
Billionaire Robert F. Smith, who received an honorary doctorate at Morehouse College’s Sunday morning graduation exercises, had already announced a $1.5 million gift to the school.
But during his remarks in front of the nearly 400 graduating seniors, the technology investor and philanthropist surprised some by announcing that his family was providing a grant to eliminate the student debt of the entire Class of 2019.
“This is my class,” he said, “and I know my class will pay this forward.”
The announcement came as a surprise to Smith’s staff and to the staff at Morehouse, and elicited the biggest cheers of the morning.
Tonga Releford, whose son Charles Releford III is a member of the Class of 2019, estimates that his student loans are about $70,000.
“I feel like it’s Mother’s Day all over again,” she said.
The gift has been estimated to be worth up to $40 million.
Tonga’s husband, Charles Releford Jr., is also a Morehouse graduate. He said their younger son, Colin, is a junior at Morehouse. He doesn’t know who the keynote speaker will be at Colin’s graduation ceremony but is hoping for a return performance by Smith, who is chairman and CEO of Vista Equity Partners, a software and technology investment firm.
“Maybe he’ll come back next year.”
Elijah Dormeus, a business administration major, said, “If I could do a backflip, I would. I am deeply ecstatic.”
A resident of Harlem in New York City, Dormeus, 22, was carrying $90,000 in student debt. His five siblings all came to Atlanta to see him graduate, along with his mother, Andrea Dormeus, who drives a schoolbus. Of the debt, mother Dormeus said, “I wasn’t too worried, because my faith in God is really strong.”
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WOW. Talk about a blessing out of nowhere. If only this could create a domino effect, in which alums (or even those who aren’t alums) who have money money and desire to help in that manner could band together and pay it forward for fellow alums, especially those from HBCUs where the student debt is disproportionately higher than those from other colleges. If not in total, at least a boost. Just a thought.
Robert F. Smith, self made billionaire and the richest black person in America pays off the student debt of the entire 2019 graduating class at Morehouse College.
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Robert Smith on Being The Richest Black American, Wealth, HBCUs, & Priva...
African American news blog that features news that may get little or no coverage in the mainstream media
Black men are at a much higher risk of developing this disease and eventually dying from it compared to white men. To address this issue affecting the Black community, Smith donated $3.8 million to Mount Sinai for the official launch of the Robert F. Smith Mobile MRI Unit to support prostate health awareness.
African American news blog that features news that may get little or no coverage in the mainstream media
Robert F. Smith's organization, the Student Freedom Initiative recently announced their partnership with Prudential Financial who is providing $1.8 million in microgrants to HBCU students.