Morehouse grads had their lives changed by one billionaire's pledge to wipe out their loans. His stunning gift came too late for this student:
When billionaire Robert Smith announced that he would be wiping away the student debt of the Morehouse Class of 2019, graduates looked on stunned and, once the announcement sank in, erupted into cheers. Social media was set ablaze with tweets TWTR, +2.96% and posts applauding Smith’s generous gesture.Jordan Long describes his emotions in the immediate aftermath of that decision as “shock, happiness for my friends and also a little bit of sadness.
Long attended Morehouse, a historically black college, in part to fulfill a dream of surrounding himself with “other young black minds,” he said. Black families in particular feel this burden acutely — the racial wealth gap means that black students are more likely to borrow to attend college, borrow more and struggle more to repay it than their white counterparts.
‘Free quality education should be a right for everyone in the world.’ —Jordan Long Giridharadas, who is a frequent critic of the role that philanthropy by the super-rich plays in our society, argued that changing tax policies could help ensure that students like Long aren’t left behind. It’s also still unclear exactly how the gift will play out, including whether it will cover debt incurred by parents to send their sons to Morehouse. Parent PLUS loans, a government-loan product for parents, are a common source of financing for families of students attending historically black colleges.
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