>>>4@
>>>4@ ON
>>>4@ ON BEHALF OF THE EIGHT GENERATIONS OF MY FAMILY WHO
HAVE BEEN IN 4@THIS COUNTRY, WE
ARE GOING TO PUT A LITTLE FUEL
IN YOUR BUS.
I GOT THE ALUMNI OVER THERE,
THIS IS A CHALLENGE TO YOU,
ALUMNI.
ALUMNI.
ALUMNI. THIS IS MY CLASS, 2019.
IN MY FAMILY IS MAKING4@ A GRAN
TO ELIMINATE THEIR STUDENT
LOANS.4@
LOANS.4@
LOANS.4@ >> BILLIONAIRE TECH INVESTOR
ROBERT SMITH WIPED OUT THE
STUDENT LOAN DEBT FOR THE ENTIRE
2019 CLASS OF MOREHOUSE COLLEGE.
A $40 MILL4@ION GIFT.
LET'S TALK ABOUT STUDENT LOAN
DEATH DEBT IN THE U.S. IT'S
SORT ONE HALF TRILLION DOLLARS.
THE AVERAGE STUDENT LOAN DEBT
MORE THAN $33,000 PER STUDENT.
WITH US TONIGHT SCOTT BOLTON
WHO IS A LOCAL ATTORNEY.
YOU ARE ALSO THE MANAGING
PARTNER OF THE DC OFFICE OF
REED SMITH.
REED SMITH. YOU WERE THERE.
I WANT YOU TO TAKE ME INTO THE
MOMENT. YOU'VE BEEN TO A LOT OF
COMMENCEMENT CEREMONIES.
COMMENCEMENT CEREMONIES. THE GRADUATION SPEAKERS, YOU'RE
LISTENING, MAYBE YOU'RE TALKING
TO YOUR BODY.
DID EVERYBODY 4@GET IT EXACTLY
WHEN HE DROPPED IT?
>> HE WAS VERY SMOOTH WHEN HE
DROPPED IT.4@
DROPPED IT.4@ I ACTUALLY WAS ON MY PHONE, MY
LITTLE WIFE THE LOVE THAT, BUT
I WAS LISTENING TO THE
ANNOUNCEMENT.
ANNOUNCEMENT. I WASN'T ON THE PHONE, I HAD IT
IN MY PROGRAM AND WAS DOING
SOMETHING BUT AS SOON AS HE
DROPPED IT ON THE CLASS 4@4@AT
PRESENTATION I LOOKED AT MY
COLLEAGUES TO THE 4@LEFT AND
RIGHT WHO WERE ALSO MORE
HOUSEMAN ON THE 4@COLLEGE 4@BOA
OF TRUSTEES AND WE SAID DID HE
REALLY SAY THAT?
AND I LOOKED TO MY RIGHT AND
ONE OF HIS COLLEAGUES WHO WAS
ON THE BOARD 4@WHO WORKS CLOSEL
WITH HIM, I SAID, 4@HOW MUCH IS
THAT?
THAT?
THAT? AND
THAT? AND HE SAID WE4@ ARE CALCULATIN
IT RIGHT NOW.
>> SO YOU'RE SITTING ON THE 4@
STAGE, YOU HAD A UNIQUE VANTAGE
POINT, YOU WERE ABLE TO SCAN
THE CROWD, THE GRADUATE,4@ WHAT
DID THE FACES TELL YOU?
>> TOLD US EVERYTHING.
IT TOLD US THERE WAS A BURDEN
LIFTED OFF THEIR SHOULDERS.
THEY WERE PRETTY RAUCOUS AS A
WAS BECAUSE IT WAS GETTING
TOWARD THE END OF THE SPEECH.
THE BEAUTY OF THE SPEECH WAS HE
DIDN'T NAME A FIGURE.
HE SAID WHATEVER THE DEBT IS,
WE ARE GOING TO ILLUMINATE IT.
I THINK HE DID IT BECAUSE HE
WANTED TO START THE DIALOGUE
BUT HE WANTED TO ELIMINATE THAT
DEBT AND HE LOOKED TO THE
REUNION CLASSES, THE ALUMNI WHO
WERE THERE ALREADY CELEBRATING
THEIR REUNIONS OF 10, 20, 30,
SOME EVEN 50 YEARS AND HE
CHALLENGE THEM, TOO.
HE SAID I'M GOING TO TAKE IN MY
CLASS OF 2019.
I WANT YOU TO PAY IT FORWARD AS
ALUMNUS AND TAKE CARE OF THEIR
DEBTS FOR 2020 AND OTHER YEARS
COMING OUT OF MOREHOUSE COLLEGE@
WE AREN'T ALL WORTH $3 BILLION,
BUT EVERYONE COMMITTED TO THAT
AND MAYBE WE JUST 4@DO ONE
STUDENT, MAYBE WE ALL TAKE
ABOUT FIVE STUDENTS DEPENDING
OUR 4@FINANCIAL CUP CAPABILITY
BECAUSE STUDENT DEBT IS A
NATIONAL ISSUE AND A NATIONAL
CRISIS.
CRISIS.
CRISIS. >> SO YOU'RE SAYING YOU THINK
HE WANTED TO START THAT
CONVERSATION4@4@4@?
CONVERSATION4@4@4@? >> ABSOLUTELY, HE COULD'VE
BOUGHT A BUILDING, HE COULD'VE
GIVEN $20 MILLION.
THIS THING IS GOING TO BE
SOMEWHERE BE4@TWEEN 20 AND 40
MILLION4@ AND IT WILL 4@HAVE
REVERBERATION.
REVERBERATION. THE LIBERATING GIFT, IT'S A
REVERBERATING GIFT BECAUSE
SEVERAL PEOPLE WHO WENT TO
SMELL SPELMAN AND MOREHOUSE
THEIR SISTER SCHOOLS OUR
FAMILIES, SO SOME ARE SENDING
GENERATIONS OF KIDS TO SCHOOL
AND THIS BURDEN OFF THE 2019 4@
CLASS MEANS OTHER STUDENTS IN
THEIR FAMILIES, IF YOU WILL, 4@
HAVE LESS TO BE 4@CONCERNED ABO.
IT FREES UP OTHER OPTIONS IN
REGARDS4@ TO THE BLACK ECONOMIC
MIDDLE CLASS.
MIDDLE CLASS. >> I WONDER IF YOU'VE SEEN
MAYBE CRITICISM IS A HARSH WORD
BUT THERE'S BEEN SOME CRITICISM
OR PUSHBACK ON THIS AS 4@THERE
ALWAYS IS, WHAT ABOUT THE MOM
AND DAD WHO WORKED4@ 4@TWO JOBS
THEY COULD KEEP THEIR SON OR
DAUGHTER DEBT-FREE OR IS THE
SENDING THE WRONG MESSAGE IN 4@
TERMS OF EATING THE
CONVERSATION STARTED4@ AS IT
PERTAINS TO HIGH COLLEGE COSTS4
AND STUDENT LOAN DEBT?
HAVE YOU SEEN ANY OF THAT
CRITICISM?
CRITICISM? >> I CERTAINLY HAVEN'T SEEN ANY
OF IT. 4@
OF IT. 4@
OF IT. 4@ ROBERT SMITH CAN'T BE
EVERYTHING TO EVERYONE AND
EVERYBODY CIRCUMSTANCE IS
DIFFERENT, WE KNOW THAT.
I DON'T THINK IT SENDS THE 4@
WRONG MESSAGE AT ALL, I THINK
IT HIGHLIGHTS LASER LIGHT ON
THIS PROBLEM THAT STUDENTS WHO
WANT4@ A COLLEGE EDUCATION
WHETHER IT'S A BIG SCHOOL OR
SMALL SCHOOL AND HOW EXPENSIVE
COLLEGE EDUCATION IS AND 4@HOW
LOANS, WE ARE ALMOST ADDICTED
TO LOANS BECAUSE IT'S EASY
MONEY TO GET AND HARD MONEY TO
PAY BACK BECAUSE OF 4@INTEREST
RATES AND REALLY WHEN YOU 4@4@C
OUT 4@OF COLLEGE,4@ WITH THE
AVERAGE?
AVERAGE?
AVERAGE? YOU MAKE $35-$50,000 A YEAR.
HOW MUCH YOU HAVE LEFT TO PAY
OFF THE STUDENT LOAN AND IT'S
POSSIBLY COMPOUNDING INTEREST?
I HAVEN'T HEARD THE CRITICISM
THAT THERE SHOULD BE NO
CRITICISM BECAUSE THE FAMILIES
OF THOSE 2019 GRADUATES, THEY
ARE NOT COMPLAINING AT ALL.>>
THE MOMENTS 4@WHEN4@ EVERYONE I
COMING AND RECEIVING THEIR
DIPLOM4@A AND SHAKING HANDS ON
STAGE, YOU ARE RIGHT THERE FOR
IT.
IT.
IT. WHAT
IT. WHAT WERE 4@THE FACES LIKE?
WHAT WERE THE INTERACTIONS
>>
>> THEY
>> THEY WERE AWESOME. HE STOOD THERE WITH PRESIDENT
THOMAS OF COURSE AND 4@HE WAS
VERY ENGAGED.
VERY ENGAGED. IF YOU GET TO KNOW ROBERT
SMITH, HE IS VERY DOWN TO
EARTH.
EARTH.
EARTH. HE
EARTH. HE TALKS ABOUT HIS FAMILY AND
4@
HE TALKS ABOUT HIS FAMILY AND THE COMMUNITY GREW UP IN.
HE KNOWS WHERE HE IS IN THIS
HISTORY OF THE COUNTRY.
HE'S ABOUT LEGACY.
HE'S ONE OF THE LARGEST GIVERS
TO THE AFRICAN-AMERICAN MUSEUM.
HE WANTS TO MAKE A DIFFERENCE
WHILE HE'S HERE, HE HAS 4@4@BLE
WITH AN AMOUNT OF WEALTH THAT
HE CAN MAKE 4@A DIFFERENCE AND
MAKE COMMUNITIES ABOUT OF COLOR
BETTER SO I THINK HIM BEING
DOWN4@ TO EARTH AND FULLY ENGAG
WITH THE STUDENTS AND
CONGRATULATING THEM AND THEN HE
DROPPED THE BOMB, A GREAT BOMB.
>> I THINK WE ARE GOING 4@TO SE
A LOT OF THE STUDENTS AND
HOPEFULLY THE ALUMNI AS WELL
PAY IT FORWARD AS WE GO DOWN
THE ROAD.
THE ROAD.
THE ROAD. >> AND OTHERS IF YOU WILL.
OTHERS WHO ARE WEALTHY, NOT
JUST AFRICAN-AMERICANS BUT ALL
OF OUR WEALTHY AMERICANS.
INSTEAD OF TALKING ABOUT TAXING
THEM, WHY DON'T WE URGE THEM TO
PAY OFF SOME STUDENT LOAN DEBT
FOR SOME YOUNG PEOPLE WHO ARE
GOING TO BE GREAT LEADERS AND
GREAT GAME CHANGERS IN THE
FUTURE.
FUTURE.
FUTURE. >> I READ A FATHER OF A SENIOR @
SAID BOY I HOPE HE'S HERE NEXT
YEAR.
YEAR.
YEAR. >>
YEAR. >> I TALKED TO A FAMILY TODAY
WHO SON WAS SUPPOSED TO
GRADUATE IN 2019 AND DIDN'T,
HAD SOME ACADEMIC DIFFICULT IS
AND SO IS IT GOING TO GRADUATE
IN 2020 AND HE SAID WHERE DO I
GO NOW?
GO NOW?
GO NOW? IS THERE A