Recently I was stunned by an act of generosity that you may have heard about.
As the class of 2019 listened to their commencement speech, billionaire Robert F. Smith announced that he and his family would be paying off the entire graduating class’s student debt.
Can you imagine being one of those students and hearing this news? For some it may have even verged on the edge of disbelief–it sounds too good to be true.
But as far as I can tell, Smith’s offer is genuine. It will free nearly 400 graduates from the burden of student loans, possibly opening up a series of doors that they wouldn’t otherwise have been able to consider.
Mostly my reaction is of admiration. It isn’t something Smith was obligated to do, and he can’t help everyone. But it seems he made the decision that helping some is better than helping none.
I hope the students who benefit from his generosity take full advantage of the opportunity they’ve been given. I’m fortunate that I had a good interest rate on my loans, and I paid them off several years ago, but they definitely impacted my finances for a while. I don’t think my career path would have changed, but it may have allowed me to go on more adventures in my 20s.
What would you do (or have done) with no student debt?