Robert F. Smith’s successful gift to Morehouse could start a new trend in giving
Typically, big donors focus their efforts on scholarships to help students at the college and universities of their choice. But given the severity of the student debt crisis in the United States, could paying down debt be the next trend among Robert F. Smiths of the world?
If major donors are serious about helping students, the need couldn’t be clearer.
“We’ve come to a point where student debt isn’t just an individual concern, a lot of people see it as a societal concern,” says McNeal. “In Mr. Smith’s case, that concern is reflected in his gift. And it still comes from the same motivation as creating scholarships.”
It’s not the first time he’s been recognized
Smith’s donation may have been unique in its presentation and scale – Morehouse chairman David Thomas told CNN the total donation would likely run into tens of millions of dollars. But this is not the first time that a person or business with generous pockets has recognized the need for student debt relief.
The problem is now in a new sphere
And now, big public donations like Smith’s have brought the student debt problem to a new realm, mixing the celebratory environment of debut season with the life-changing gift of paying down debt.