ATLANTA (FOX 5 DC) - The same billionaire who paid off the student loans for Morehouse College's graduating class is feeling generous again.

Robert F. Smith has announced a new paid internship program for students of color.

The program, InternX, will guarantee paid internships in STEM fields for 1,000 ethnically underrepresented students.

Rising sophomores with at least a 2.8 GPA are eligible. AT&T, PriceWaterhouseCoopers, Deloitte and CitiGroup are among the participating companies, according to the Atlanta Journal-Constitution.

Smith, the founder of New York investment firm Vista Equity Partners, made headlines last month when he pledged to pay off the student debt of this year's graduating class at Morehouse College. The pledge is estimated to worth up to $40 million.

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