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via news5:

Morehouse College seniors got a surprise Sunday when billionaire investor Robert F. Smith announced during his commencement speech that he would pay off the student-loan debt for the historically black college’s graduating class.

“My family is going to create a grant to eliminate your student loans,” he told the newly minted graduates in Atlanta.

The announcement — in which Smith urged the graduates to follow his lead in paying it forward — was met with a standing ovation and chants of “MVP!”

The sum among the 396 students adds up to about $40 million, said Morehouse President David A. Thomas. He called Smith’s gesture “a liberation gift.”

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