(CNN) 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.

"On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus," he told the newly minted graduates in Atlanta before saying his family was creating a grant to eliminate their student loans.

The announcement was met with a standing ovation and chants of "MVP!"

"Now, I know my class will make sure they pay this forward," he continued. "I want my class to look at these (alumni) -- these beautiful Morehouse brothers -- and let's make sure every class has the same opportunity going forward because we are enough to take care of our own community. We are enough to ensure we have all the opportunities of the American dream."

@RFS_Vista May have broken the Internet with his generosity and charge to pay it forward. https://t.co/6dsfw2kToi — Morehouse College (@Morehouse) May 19, 2019

The exact amount to be covered for the 396 students is still being calculated, school President David Thomas told CNN on Monday, but the sum will likely be in the tens of millions of dollars. Thomas called Smith's gesture "a liberation gift."

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