Student loan debt of $34M: Pledged payment by billionaire for entire class and their parents

Robert F. Smith, an American billionaire, has recently pledged to pay off the student loan debt loans of an entire graduate class, and their parents. The donation will reach up to thirty-four million dollars (USD 34 million) in order to cover all student expenses and those of their parents. 

Graduates from Morehouse College’s 2019 class will be exempt from their entire student loan debt thanks to a foundation and trust set up by Mr. Smith. 

https://twitter.com/yashar/status/1175218422399066112

In an official press release, Mr. Smith explained that he would be making a substantial donation to the Morehouse Student Success Program, which will then distribute the money towards paying off individual students’ loans. 

Student loan debt payment,  commendable but not a panacea

Mr. Smith’s noble decision to relieve so many students of their student loan debt is absolutely commendable.

There is a nation-wide student debt crisis roaming through America, as more students are struggling to cover their living expenses, let alone pay off their student debt.

According to recent research, students in California are finding it the hardest to concentrate on completing their college courses, as they often have to work one or two part-time jobs to afford their living expenses.

Students in Macon, Georgia, are among the ones who have to pay the largest amount of student loan debt. This is mainly due to the fact that college and university tuition fees have been steadily increasing over the past several years.

Considering the vast amounts of money students and their families have to invest in higher education, it is no surprise that some of the presidential candidates for 2020’s US Presidential elections are betting on decreasing tuition fees. 

The student loan debt crisis in the United States is reaching unmanageable magnitude, and reforms need to be introduced very soon, in order to avoid a complete crash of the higher education system in the country.