Author Topic: Billionaire commencement speaker to pay off student loans of entire class  (Read 2134 times)

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Billionaire commencement speaker to pay off student loans of entire class
by Caitlin Yilek
 | May 19, 2019 03:50 PM



Billionaire Robert F. Smith surprised graduating seniors at Morehouse College on Sunday by announcing he would pay off all their student debt.

“This is my class,” he said, according to the Atlanta Journal-Constitution, “and I know my class will pay this forward.”

Smith, a philanthropist and CEO of technology investment firm Vista Equity Partners, received an honorary doctorate Sunday and had already made a $1.5 million contribution to the school earlier this year for scholarships and a new park.

The student loan payoff for the nearly 400 graduating students is estimated to be about $40 million. A college spokeswoman said it is the largest single gift in the history of the school.

During his commencement address, Smith urged students to include others in their success.

“You want to own it, you want to drive it, and you want to pick up as many people as you can along the way,” he said. “I’m putting some fuel into your bus. I’m counting on you to load up that bus.”

https://www.washingtonexaminer.com/news/billionaire-commencement-speaker-to-pay-off-student-loans-of-entire-class
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Bill Cipher

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That’s nice, but what about all the other classes before and after this one?

Offline dfwgator

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That’s nice, but what about all the other classes before and after this one?

I hope those students can afford the tax bill that's coming.

Bill Cipher

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I hope those students can afford the tax bill that's coming.

The tax bill will still be smaller than the loans themselves.  And the payments may be grossed up so that they don’t end up hearing the cost of the tax. 

Offline mountaineer

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That’s nice, but what about all the other classes before and after this one?
What about them?  They're no worse off than they were before this fellow came along.
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Bill Cipher

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What about them?  They're no worse off than they were before this fellow came along.

As compared to 2019, they’re a lot worse off. 

Perhaps this gent, as well intentioned as he clearly is, should have worked with the school to endow it so that no accepted student needed to borrow for tuition any more. 

Offline InHeavenThereIsNoBeer

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As compared to 2019, they’re a lot worse off. 

Perhaps this gent, as well intentioned as he clearly is, should have worked with the school to endow it so that no accepted student needed to borrow for tuition any more.

Why compare them to the class of 2019?  Why not compare them to a lottery winner, are they suddenly worse off because someone else won the lottery?
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Bill Cipher

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Why compare them to the class of 2019?  Why not compare them to a lottery winner, are they suddenly worse off because someone else won the lottery?

Because they are worse off simply because of the caprice of one wealthy person; someone who, quite honestly, is exercising the very real privileges that wealth brings (as compared to the phony, no existent privileges supposedly associated with being white).

The point is, he isn’t accomplishing much other than making himself feel good because the objects of his largesse are limited to one random group of people. 

It’s a nice thing to do, but it’s also got nothing to do with making the cost of education less onerous. 

Offline InHeavenThereIsNoBeer

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Because they are worse off simply because of the caprice of one wealthy person; someone who, quite honestly, is exercising the very real privileges that wealth brings (as compared to the phony, no existent privileges supposedly associated with being white).

The point is, he isn’t accomplishing much other than making himself feel good because the objects of his largesse are limited to one random group of people. 

It’s a nice thing to do, but it’s also got nothing to do with making the cost of education less onerous.

They are no worse off.  They owe the same amount as they would if the guy didn't make the gift to someone else.
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Offline dfwgator

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Because they are worse off simply because of the caprice of one wealthy person; someone who, quite honestly, is exercising the very real privileges that wealth brings (as compared to the phony, no existent privileges supposedly associated with being white).

The point is, he isn’t accomplishing much other than making himself feel good because the objects of his largesse are limited to one random group of people. 

It’s a nice thing to do, but it’s also got nothing to do with making the cost of education less onerous.

I don't know if someone who allows their loans to be forgiven is worth to be hired.  Doesn't say much about their commitment.

Offline Sanguine

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I don't know if someone who allows their loans to be forgiven is worth to be hired.  Doesn't say much about their commitment.

They're not allowing them to be forgiven, the speaker is paying their loans off.

Offline jmyrlefuller

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It's cheaper than actually employing them.
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Offline Hoodat

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Perhaps this gent, as well intentioned as he clearly is, should have worked with the school to endow it so that no accepted student needed to borrow for tuition any more.

Universities do not use their endowments to benefit students.  Case in point:  Harvard University.  With an endowment close to $40 billion, just the interest alone would cover the $50,000 tuition of all 22,000 students enrolled year after year after year.

Personally, I think this man was in a position to bless a lot of people, and he did.  And it was a generous gesture considering how badly the Obama administration screwed them over by monopolizing the student loan business.
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Wealth hath its privileges; buying an entire college graduating class is apparently one of them.

Offline txradioguy

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That’s nice, but what about all the other classes before and after this one?

Not this guys problem.
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Offline txradioguy

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Wealth hath its privileges; buying an entire college graduating class is apparently one of them.

It’s called philanthropy. Look it up.
The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.

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Offline jmyrlefuller

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It’s called philanthropy. Look it up.
I can just see the tax write-off he's taking.
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Bill Cipher

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It’s called philanthropy. Look it up.

It’s called making yourself feel good.  Wealth hath its privileges.

Offline mountaineer

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Yeah, what's the point of helping people,  anyway.
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Offline edpc

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I’ll bet his inbox is packed full of speaking invitations for 2020.
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I’ll bet his inbox is packed full of speaking invitations for 2020.

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Offline sneakypete

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Good for him,and good for them!

In the interests of fair treatment and equality,I have to ask "What do any of you think the response would be if a white Billionaire had offered to pay the student loans off for white students at a 99 percent white college?

The lawsuits would be flying,the professional agitators known as "de Rev-Runs" would be leading protest marches,and white students would already been getting attacked on campus by now.
« Last Edit: May 20, 2019, 11:29:52 am by sneakypete »
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Offline sneakypete

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That’s nice, but what about all the other classes before and after this one?

@Bill Cipher

Seriously? You can't just accept this as the nice thing it is,and be glad for the ones that are benefiting?
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Offline Night Hides Not

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I hope those students can afford the tax bill that's coming.

They will not have a tax bill...Smith is paying off their student loans as a gift. He will be subject to gift tax on all gifts above $12K, or whatever the current threshhold is. It won't be forgiveness of debt to the students.



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Offline Hoodat

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@Bill Cipher

Seriously? You can't just accept this as the nice thing it is,and be glad for the ones that are benefiting?

It's called 'envy'.
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