In 2019, Robert F. Smith delivered a commencement speech to the Morehouse College graduating class. During the speech, he pledged to eliminate the student loan debt of the entire class. He later extended the gift to encompass the debt incurred by their guardians on their behalf. This gift has had a significant impact on their lives beyond even the financial relief.
In the years since the pledge, a group of college students conducted a study to measure the gift’s impact. Ahead, we explore the findings of the study, “A Qualitative Exploration of The Robert Smith Gift at Morehouse College,” published in the University of Louisville Journal of Student Financial Aid. We also address “The Gift,” a documentary made by two 2019 Morehouse College graduates that reflects on how Smith’s gift allowed the graduates to further their dreams and pursue their passions. Finally, we share information about Student Freedom Initiative (SFI), a nonprofit organization born out of Smith’s gift and his commitment to empowering students in higher education.
Watch Smith deliver his commencement speech to the 2019 Morehouse College graduating class.
Measuring the Impact of the Gift
Students from Morehouse College, Spelman College and Georgia State University under the Morehouse Center for Broadening Participation in Computing conducted a qualitative research study to measure the impact of Smith’s gift. They interviewed a group of graduates from the 2019 class to see how eliminating student loan debt had affected their lives after graduation.
The paper bases its qualitative assessment of Smith’s donation’s impact on the University of California, Riverside’s Professor Tara J. Yosso’s Community Cultural Wealth Model. The model defines six forms of capital as:
- Navigational
- Linguistic
- Familial
- Social
- Resistance
- Aspirational
Using this measure of wealth as a framework, the student researchers identified five areas where the graduates, their families and their communities have benefited:
- Family building and homeownership: For many graduates, student loan forgiveness allowed them to focus on starting families, buying homes and building generational wealth.
- Professional goals and expeditions: The gift gave graduates the freedom to travel, invest and explore entrepreneurship.
- Advanced education: With the financial freedom from student debt, many graduates chose to continue their education.
- Financial habits: Debt elimination helped graduates improve their financial habits, including credit management and savings.
- Philanthropic efforts: More time and resources enabled graduates to engage with their communities through philanthropy.
Smith’s gift has allowed these Morehouse College graduates to pursue their goals in ways they could not have while burdened by student debt.
“It’s like you’re starting with a clean slate, and the biggest thing is I was able to go and do my MBA,” noted a participant in the research study. “I’m in my MBA program right now, and if I had the debt on my head, compiling it would’ve made my life harder. It took the family stress and pressure off of me because everybody was wondering about their credit and having to develop a plan to pay off all this money.”
“The Gift” Documentary
One of the clearest ways to see the impact of Smith’s gift is through the upcoming documentary “The Gift,” created by filmmakers Joshua Reed and Emani Rashad Saucier, both members of the class of 2019. The film will show how their fellow graduates navigated their lives and newfound financial freedom after graduation. The full documentary is set to premiere later this year.
SFI Continues Smith’s Commitment to Education Reform
Smith’s commitment to expanding access to education has continued since his 2019 Morehouse College pledge. In 2020, he helped to establish SFI and now serves as Chairman. SFI is a student-centered, evidence-based nonprofit dedicated to freeing students from the burden of student loan debt. It serves as a catalyst to help students learn skills and gain the confidence they need to choose their personal and professional pathways. SFI was launched with a contribution of $50 million from Fund II Foundation and a matching contribution by Smith.
Learn more about how Smith’s commitment to education reform has impacted students and their communities by following him on LinkedIn.
