Billionaire Robert F. Smith to Launch Alternative Student Loan Program for HBCU Students to Help Close Racial Wealth Gap
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Posted By: Kennedy Williams on December 29, 2020 Robert F. Smith is, once again, working to help HBCU students and graduates. After famously paying off the student loans of every 2019 Morehouse graduate and creating a STEAM academy based on HBCU principles in Denver, Colorado, Smith is now working to offer HBCU students an alternative way to pay for their higher education. Starting in the Fall of 2021, eligible junior and senior STEM majors will benefit from the Student Freedom Initiative. The program is designed to help eliminate the racial wealth gap. The Tallahassee Democrat publication reports that 65% of Black wealth is consumed by college loan debt. In a press release about why he started the initiative, Smith said, “By addressing the financial stress of college and providing students with resources and community, we can finally broaden the talent pipeline and create a more diverse and thriving economy.” The program’s initial pledge came from Fund II Foundation in June and was for $50 million, which Smith later matched in October. According to TIME, the program is expected to offer each eligible student around $32,000 across their junior and senior years. After graduation, the repayment will begin and will be based on the graduate’s income. Participating HBCUs include Clark Atlanta University, Tuskegee University, Florida A&M University, Morehouse College, Prairie View A&M University, Claflin University, Hampton University, Tougaloo College, and Xavier University of Louisiana. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Kennedy Williams
From Loganville, GA Spelman College class of 2020 Member Since July 2016 |
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