Robert F. Smith is one of only 13 people of color in the United States who are billionaires. This month he was awarded an honorary doctorate degree at the Morehouse College graduation ceremony. He told graduates that just being on "the bus to success" is not enough. You need to own it, he said. You need to drive it, and you want to pick up as many people as you can along the way.


Then he surprised everyone, including college officials, triggering the biggest cheer of the day. He announced to nearly 400 graduating seniors that his family would eliminate all student loans for the entire class of 2019.


The gift has an estimated worth of $40 million, and and is the largest single gift in the history of the college. "This is my class," said Smith, "and I know my class will pay this forward. I'm putting some fuel into your bus. I'm counting on you to load up that bus."