



Billionaire investor and philanthropist Robert F. Smith will pay $ 400 million (Rs 280 million) student loan to nearly 400 students who graduate this year from Atlanta's Morehouse College. Smith announced this at the college's convocation. Smith is the Founder and CEO of Vista Equity Partners. Their firm invests in companies related to software, data, and technology.





A student took 25 years to repay a loan of 2 million dollars





College faculty and students were shocked by the announcement of Smith The college says that this is the biggest gift till now. Morehouse is the College of Black. Smith himself is black. He said that we have been living in America for 8 generations. So my family wants to contribute something.





A student had calculated in the past that he would take 25 years to repay a loan of $ 2 million. For this, he has to pay half of his salary every month. Smith's announcement is very important at that time.





During the Convocation, Smith received an honorary doctorate degree from Morehouse College. He has already announced to give 15 million dollars (10.5 million rupees) for the college. Smith's net worth is $ 4.47 billion (Rs 31290 crore).





Rs 105 lakh crore

loan on US students





The continuous rising debt over the loan on students has become a national issue in the US. Many Democrats presenting the claim for the presidential position have expressed concern over this. According to rating agency Fitch, American students have a debt of Rs 105 lakh crore.