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anon_xdc8rmuek44eq
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this year. Estimated at $40mm. Well done sir!
Yeah, impressive. Paraphrasing, (I didn’t open this particular link) “These are Morehouse men. I have no doubt they will pay it forward.”
I've met him, very impressive. He owns Vista Equity partners and Finastra here in the states. He is the wealthiest African American in the USA.
He's set a very high bar for any future commencement speakers, or any future honorary doctorate recipients.
He's providing an amazing gift to nearly 400 graduates, their families, their future families, etc. Huzzah
He's providing an amazing gift to nearly 400 graduates, their families, their future families, etc. Huzzah
Without the loan burden, Morehouse grads could buy more house.
I thought billionaires were the bad guys. Couldn’t the govt make better use of that money?
When he's done at Morehouse, maybe he can give some money to Penn State because, you know, barren's got this.
A quick check on the arithmetic:
400 grads
$40,000,000 estimated grant from Mr. Smith to pay off college debt
$100,000 average debt per graduate?
Seems high
A buddy of mine is a morehouse man. I’m gonna give a hard time tomorrow about why he didn’t think of this first.
25 k per year. Private school with mostly middle class kids. Not a huge endowment.
I worked the same calculation, wondered the same thing
Maybe
The annual list price to attend Morehouse College on a full time basis for 2017/2018 is $48,723 for all students regardless of their residency. This fee is comprised of $25,055 for tuition, $13,557 room and board, $2,088 for books and supplies and $2,223 for other fees. Out of state tuition for Morehouse College is $25,055, the same as Georgia residents.
Yeah, let's criticise him. Jeesh.Not to mention..... what if you were the kid who worked 60 hours a week over the summer, 30 hours during the school year, and took any extra work you could find over breaks - - - - all to avoid taking on a pile of debt.
Obviously
That said, if one was going to use $40,000,000 of capital, with the idea of “helping college kids”, there are much more impactful - and multiplicative - ways to do it.
But, again, it’s his damn $$$$, and a lot of folks owe him a debt of thanks.
At PSU, w are wasting millions to build a building for a putz!
Without the loan burden, Morehouse grads could buy more house.
Ugh! That was a bad one.... Please show yourself the way out!
Not to mention..... what if you were the kid who worked 60 hours a week over the summer, 30 hours during the school year, and took any extra work you could find over breaks - - - - all to avoid taking on a pile of debt.
Obviously
That said, if one was going to use $40,000,000 of capital, with the idea of “helping college kids”, there are much more impactful - and multiplicative - ways to do it.
But, again, it’s his damn $$$$, and a lot of folks owe him a debt of thanks.
He should use that money to build a museum (or about half of one).
Doesn’t speak much of the value of a Morehouse education if it is given away essentially for free. College is an investment. It creates equity over time. Very shortsited act, diminishes the value of education and sends the message of expecting a hand out.
Nobody forced you to go to a college that costs $50k. These students choose it and now won’t have to deal with the consequences of their actions, for good or for bad.
I would have much more respect for a graduate of Morehead State who dddn’t think they were entitled to a handout than a grad of any other college who thinks they are.
This does nothing but create another generation of entitled cry, perpetual. Adelescent cry babies. Time to grow up and accept responsibility for you good or bad college decisions.
Also, isn’t it interstitial that college tuition exploded once the federal government took over the student loan racket?
Nobody forced you to go to a college that costs $50k. These students choose it and now won’t have to deal with the consequences of their actions, for good or for bad.
I would have much more respect for a graduate of Morehead State who dddn’t think they were entitled to a handout than a grad of any other college who thinks they are.
This does nothing but create another generation of entitled cry, perpetual. Adelescent cry babies. Time to grow up and accept responsibility for you good or bad college decisions.
Also, isn’t it interstitial that college tuition exploded once the federal government took over the student loan racket?
One graduate was quoted as saying he had $200K in debt.
"In the weeks before graduating from Morehouse on Sunday, 22-year-old finance major Aaron Mitchom drew up a spreadsheet to calculate how long it would take him to pay back his $200,000 in student loans — 25 years at half his monthly salary, per his calculations."
Thats a crazy number.
So if this dude pays off this debt, would he run into gift tax issues to his estate?
that is a very odd take, since no one asked him for this
Really interesting guy and some very cool ideas...
https://www.nytimes.com/2019/05/19/business/robert-f-smith-morehouse-vista-equity.html
Did you pay for every single penny of your own college education? If not how did you not become a entitled, perpetual adolescent cry baby? Just because someone gets help doesn't mean they will automatically become cry babies. I am sure many posters here had others pay for their college and turned out just fine.
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Ok but can, and I don’t know, Morehouse write out a check to each agency that owns the students debt?
Why couldn’t they I guess? Is it for the benefit of Morehouse College or is to benefit someone else? I think Morehouse has to act in its best interest not someone else’s to be a tax free entity which I assume it is
Jesus H. The guy paid their debt. Why does anyone have to sit back and calculate the person debt? Give the man his due for such a magnanimous gesture
Apologies. There is no "right way" to give. Someone always feels left out; like the 101st friend not invited to the 100 person wedding. Lets be thankful for what we have, not what we don't have...especially when it is a 100% gift. Its like being mad at the person who wins the lottery but and not being thankful you aren't getting that one in a million cancer.
...and, what is the alternative? Give $40m to a school like PSU that is going to build a museum and pay double to a crony for student housing construction?
Also, have to add, that he is challenging the class to "pay it forward". The point is, these kids will get a job, without the burden of their debt, which will allow them to be more charitable in time and/or money. As such, it is hoped, that this will be an "endowment" that will keep on giving.
So, as the article states, he is a very interesting guy.
Vista Equity Partners owns several assets outright. The largest is Finastra which is HQ'ed in London but has substantial assets in the USA. He is very invested in openness and diversity. Many of his senior people are minorities: far higher than the average. SMT members are given a bonus on diversity of their staff.
What he does is buy software companies who's product is proven in the market but mismanaged. His theory is that software companies are run by technology entrepreneurs who either are underfunded, poor business managers or don't want to manage a business. So Vista has these things named V-SOPs witch are "Vista Standard Operating Procedures". He typically will take the tangential burden off the software company (HR, AR/AP, implementation, data center operations, support) away and allow them to concentrate on innovation and development. It is painful but very smart.
Unfortunately, investment is private and there is no public offering.
Here is an article, about a year old, that goes into his philosophy in greater detail.
We need more of this guy...much, much more. he likes to use an African saying: "if you want to go fast, go alone. If you want to go far, go with friends." I use that a lot in business.
So if you win the lottery, you're giving the money back?
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