- Robert F. Smith, the billionaire software investor who spent $34 million to pay off student loans for an entire college class, called American’s $1.5 trillion in student loans “atrocious” in an interview with Ford Foundation president Darren Walker.
- In September, Smith expanded that pledge when he also promised to pay off those students’ parents’ outstanding educational debts.
- Student-loan debt in the US is at an all-time high of $1.5 trillion, according to Student Loan Hero.
- Smith has a net worth of $6.08 billion, Business Insider previously reported.
- Visit Business Insider’s homepage for more stories.
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