Economics

Black Billionaire Robert F. Smith Offers to Pay Off Student Debt for Morehouse Grads

Published

5 years ago

May 29, 2019

Morehouse College seniors got a surprise Sunday when billionaire investor 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.

“On behalf of the eight generations of my family who have been in this country, we’re going to put a little fuel in your bus,” he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.

The announcement was met with a standing ovation and chants of “MVP!”

“Now, I know my class will make sure they pay this forward,” he continued. “I want my class to look at these (alumni)—these beautiful Morehouse brothers—and let’s make sure every class has the same opportunity going forward because we are enough to take care of our own community. We are enough to ensure we have all the opportunities of the American dream.”

Students couldn’t believe their ears when Smith made the announcement, graduates of the all-men’s college told CNN.

“We’re looking at each other like, ‘Is he being serious?’ That’s a lot of money,” salutatorian Robert James, 21, said.

Jonathan Epps, 22, said Sunday afternoon he still hadn’t fully grasped the magnitude of the “tremendous blessing,” which he called the kindest, most generous thing he’d ever witnessed.

“It’ll sink in as the years go on. I know that for a fact,” he said. “I still don’t really have words…It makes a great day just that much better.”

Epps said he has about $35,000 in student loan debt that his parents in Pleasanton, California, had pledged to help him pay off. He couldn’t wait to break the news to them, he said.

A classmate, Elijah Nesly Dormeus, is the first of nine kids to graduate college. His mother made many sacrifices working minimum-wage jobs to provide for him and his eight siblings after Dormeus’ father died when he was 5.

In addition to the 22-year-old New Yorker’s own $90,000 debt, he said his mother took out a loan to help get him through school.

“All her serving, all her giving was not in vain,” Dormeus said when asked what Smith’s gift meant to his family.

Art major Charles Releford III also has numerous siblings, and his mother, Tonga, wants them all to be part of the “Spelhouse family,” meaning they hope to attend Morehouse or the nearby all-women’s Spelman College.

“For me, the parent of four, it opened up so many opportunities for the younger siblings of the Releford family,” she said.

Charles Releford said he’d accumulated about $70,000 in loan debt during his time at Morehouse, and though the aspiring illustrator doesn’t have a job lined up, he was already thinking about how he would pay back the money.

After Smith’s announcement, though, “I’m really excited to see where my life can go now because all different avenues are open now so I’m not held down. There’s no burden, student loans—I’m debt-free,” Releford said.

Smith has made many other charitable donations

The students’ benefactor also received an honorary degree Sunday, along with actor Angela Bassett and psychologist Edmund Gordon.

The entrepreneur, founder of the investment firm Vista Equity Partners, is worth about $5 billion, according to Forbes, which reports he is the richest Black person in America.

Eliott C. McLaughlin, CNN

Posts by Eliott C. McLaughlin, CNN

Related Topics:Morehouse College Robert F. Smith Vista Equity Partners

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California Black Media

Controller Malia Cohen Convenes Auditors from Counties Across California

The conference focused on key issues related to county financial management and reporting. This annual event is mandated by Government Code 12422, which requires the State Controller to convene county auditors at least once a year. The conference served as a platform to discuss county budget procedures, financial transaction reporting, and property tax revenue allocation, promoting consistency in the duties of county auditors statewide.

Published

2 days ago

November 3, 2024

Oakland Post

California State Controller Malia Cohen. File photo.

By Bo Tefu, California Black Media

California State Controller Malia Cohen welcomed auditors from across the state for the 79th Annual County Auditors Conference, a three-day event and award ceremony hosted in Santa Cruz.

The state controller honored the award recipients by celebrating their excellence in producing accurate financial data.

In her opening remarks, Cohen emphasized the significance of collaboration between her office and the county auditors.

“I want to congratulate all of the counties receiving today’s County Financial Transactions Reporting award,” stated Cohen. “Your county’s diligence in reporting is critical for my office to produce accurate local government financial data, which is of vital importance to policymakers, researchers, and constituents throughout California. Thank you for your contribution to the quality and transparency of public finances.”

Cohen also moderated a panel discussion featuring Assemblymember Gail Pellerin and Department of Finance Director Joe Stephenshaw. The panel addressed critical topics such as the upcoming state budget, technological advancements, and anticipated fiscal challenges for local governments in the coming fiscal year.

In addition, Cohen recognized counties that received the California State Controller Financial Transaction Reporting Award, highlighting the importance of accurate and timely financial reporting.

More than 40 counties won the coveted Financial Transaction Reporting Award, celebrating their commitment to excellence in financial management. Counties that won an award include Alameda, Contra Costa, Los Angeles, and Sacramento.

Oakland Post

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Activism

Oakland Post: Week of October 30 – November 5, 2024

The printed Weekly Edition of the Oakland Post: Week of October 30 – November 5, 2024

Published

4 days ago

November 1, 2024

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Oakland Post

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Business

Special Interview: Rep. Barbara Lee Discusses Kamala Harris’ Plan for Black Men

On Oct. 16, California Black Media (CBM) spoke with Harris-Walz campaign surrogate, Congresswoman Barbara Lee (D-CA-12), who shared more insights on Harris’ agenda and the importance of securing the Black Male vote. “She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.” The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour.

Published

1 week ago

October 28, 2024

Oakland Post

(File Photo) U.S. Congresswoman Barbara Lee (D-13-Oakland) chides Justices on the Supreme Court of the United States for voting to strike down Affirmative Action. She is shown here speaking in front of the California Reparations Task Force in Oakland on May 6, 2023. CBM photo by Antonio Ray Harvey. By Edward Henderson, California Black Media

By Edward Henderson, California Black Media

Last week, the Kamala Harris campaign released its Opportunity Agenda for Black Men.

“She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.”

The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour:

Provide 1 million loans that are fully forgivable to Black entrepreneurs and others disadvantaged groups to start businesses.
Champion education, training, and mentorship programs that help Black men get good-paying jobs in high-demand industries It will also develop more accessible pathways for Black men to become teachers.
Support a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.
Launch a National Health Equity Initiative focused on Black men that addresses sickle cell disease, diabetes, mental health, prostate cancer, and other health challenges that disproportionately impact them.
Legalize recreational marijuana and creating opportunities for Black Americans to succeed in this new industry.

“[Vice President Harris] knows that Black men have long felt that too often their voice in our political process has gone unheard and that there is so much untapped ambition and leadership within the Black male community,” the language in the agenda states. “Black men and boys deserve a president who will provide the opportunity to unleash this talent and potential by removing historic barriers to wealth creation, education, employment, earnings, health, and improving the criminal justice system.”

Diving into Harris’ agenda, Lee says, reminded her of her own record of supporting Black men over the years as an elected official. In the 90’s, she established the first California Commission on African American Males through which she pressured the state to address urgent economic, health and social challenges specific to Black men.

“No group of people are a monolithic group of people,” said Lee She’ s not taking any vote for granted. I’ve known her over three decades and I believe she is being herself. She’ s authentic,” Lee added.

Each of the 5 key points addressed in the Harris Campaign’s agenda, Lee says, has additional clauses that can potentially help Black men and their families thrive. This includes lowering rent; up to $25,000 in downpayment help for first time homebuyers; and cutting taxes for Black men in lower-wage jobs by increasing the Earned Income Tax Credit maximum to $1,500.

“I think the messages is one of empowerment for Black men — regardless of whether they’ re a blue-collar worker, if they’ re not working, if they’ re in business, if they’ re an entrepreneur, whatever background or whatever they’re doing or experiencing life. I think the authenticity of their experience can only be articulated through them,” said Lee.