WATCH: Billionaire Robert F. Smith Pledges $40 Million to Wipe Out 2019 Morehouse Graduates’ Student Loan Debt

Billionaire Robert F. Smith speaks at a Morehouse event in Atlanta last year.

Billionaire tech investor and philanthropist Robert F. Smith stunned graduates of Morehouse College in Atlanta on Sunday, pledging $40 million to wipe out their student-loan debts.

Wild cheers and astonished looks greeted Smith after he made the gift during his commencement address at the famed historically black college.

“My family is going to create a grant to eliminate your student loans,” Smith told graduating seniors. “You great Morehouse men are bound only by the limits of your own conviction and creativity.”