Morehouse commencement speaker to pay off Class of 2019’s student loans

Robert F. Smith is one of the world's 13 black billionaires. He is worth $5 billion, according to Forbes' most recent ranking of the world's wealthiest people. Smith made his fortune through the private equity firm Vista Equity Partners, which he founded in 2000. He is married to television personality Hope Dworaczyk Smith. Smith announced Sunday he will pay all student loans for Morehouse College's Class of 2019.

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 nearly everyone by announcing that his family was providing a grant to eliminate the student debt of the entire Class of 2019.

Graduates react after hearing billionaire Robert F. Smith is paying all student debt for the Class of 2019 during the Morehouse College commencement ceremony In Atlanta, on Sunday, May 19, 2019. (Photo: STEVE SCHAEFER / SPECIAL TO THE AJC)

“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.

» WATCH: The moment Robert Smith told Morehouse graduates he was paying their student loans

» RELATED: Photo gallery from Morehouse commencement for the Class of 2019

» RELATED: Morehouse to use $1.5 million earlier gift from Smith on scholarships and a new park

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.

» RELATED: Robert Smith is one of the world's 13 black billionaires

Tech billionaire Robert F. Smith (from left), Morehouse College President David Thomas and actress Angela Bassett prepare to walk to the graduation ceremonies at the college on Sunday, May 19, 2019. Smith and Bassett were to receive honorary degrees. (Photo: Bo Emerson/AJC)

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 (left) and his brother Jeremiah celebrate after learning that Elijah’s student debt will be paid by a surprise gift from Morehouse College's commencement speaker on Sunday, May 19, 2019. (Photo: Bo Emerson/AJC)

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.”

Aileen Dodd, spokesperson for Morehouse College, said the gift is the biggest single gift in the school’s history.

Commencement speaker billionaire Robert F. Smith announces he is paying all student debt for the Class of 2019 during the Morehouse College graduation ceremony In Atlanta, on Sunday, May 19, 2019. (Photo: STEVE SCHAEFER / SPECIAL TO THE AJC)

In his commencement address, Smith said being on the bus toward success isn’t enough. “You want to own it, you want to drive it, and you want to pick up as many people as you can along the way.”

He charged the Class of 2019 with doing its part to improve the lives of black America. “I’m putting some fuel into your bus, “ he said. “I’m counting on you to load up that bus.”

Actress Angela Evelyn Bassett talks to the crowd after receiving her honorary degree during the Morehouse College commencement ceremony In Atlanta on Sunday, May 19, 2019. (Photo: STEVE SCHAEFER / SPECIAL TO THE AJC)

Credit: Steve Schaefer

Credit: Steve Schaefer

Also receiving an honorary degree Sunday was Oscar-nominated actress and activist Angela Bassett, who referenced Morehouse graduate the Rev. Martin Luther King Jr.  and suggested that the Class of 2019 might emulate him, but take their own path.

“I want you to proudly walk in your own shoes,” she said, “and you know what it’s like when you get a new pair of shoes? I want you to be uncomfortable, I want you to be mindful, I want you to be wary.”

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