The class of 2019 at Morehouse College received the surprise of a lifetime on Sunday when billionaire businessman Robert F. Smith announced that he would be paying off all of their student’s loans, drawing praise from Rep. Alexandria Ocasio-Cortez (D-N.Y.).
Smith, the chairman and CEO of Vista Equity Partners, a software and technology investment firm, made the announcement while delivering his commencement address.
“This is my class, and I know my class will pay this forward,” Smith said.
Needless to say, the graduates were incredibly grateful and touched by the gesture, especially since the average graduate ends up owing over $30,000 in student loan debt. Now they can all start their post-college lives debt-free.
Meanwhile, President Donald Trump completely ignored the student debt crisis to brag about the economy and how graduates are fortunate to be entering the job market at this time.
With the wonderful College, University and other Graduations taking place all over the USA, there has never been a better time than now to graduate. Best jobs market ever, great housing and financing. Go out there, work hard, & have a GREAT life. You deserve it. Congratulations!
— Donald J. Trump (@realDonaldTrump) May 19, 2019
Of course, finding a job won’t be that easy since there are more applicants than jobs available.
Unlike Trump, Ocasio-Cortez did not ignore the student debt crisis. Instead, she praised Smith’s $40 million donation and suggested every one of these students should be followed for years to come to see how being debt-free after college affects their lives compared to students who are drowning in debt they can’t hope to pay off in their lifetime.
Every Morehouse Class of 2019 student is getting their student debt load paid off by their commencement speaker.
This could be the start of what’s known in Econ as a ‘natural experiment.’ Follow these students & compare their life choices w their peers over the next 10-15 years. https://t.co/UM1qTJOxHf
— Alexandria Ocasio-Cortez (@AOC) May 19, 2019
Ocasio-Cortez further railed that nobody should have to rely on the charity of billionaires to pay school debt that shouldn’t exist in the first place.
It’s important to note that people shouldn’t be in a situation where they depend on a stranger’s enormous act of charity for this kind of liberation to begin with (aka college should be affordable), but it is an incredible act of community investment in this system as it is. ?
— Alexandria Ocasio-Cortez (@AOC) May 19, 2019
Clearly, the lives of these graduates are going to be different. They get to start fresh out of college with a clean financial slate. They have no financial hole to dig out of, and most college graduates can’t say the same thing, and it’s only getting worse as higher education becomes more and more expensive.
The time for the government to forgive all student loan debt is long past due. It would be a major boost for the economy and would undoubtedly improve millions of lives. Furthermore, higher education should be free or low cost.
An increasing number of Americans are dealing with student loan debts with no end in sight and it’s like they are dragging a weight for the rest of their lives. Not every student will have the benefit of a billionaire paying off their debt. If we truly want less debt and more affordable college, changing it through policy is the only way to do it. And Ocasio-Cortez is leading the charge for that better future.
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