Morehouse College has launched a new program that will help students alleviate issues associated with the national student loan debt crisis. 

Three months ago, billionaire tech investor Robert F. Smith promised the graduating class of 2019 their student debt would be paid in full. The gift, which is estimated at $40 million, was the first step to help students succeed post-graduation. According to Morehouse, the Morehouse College Student Success Program will allow undergraduate students "to pursue advanced degrees, start careers, and build wealth."

The school will tackle the growing problem of loan debt by accepting donations specifically to pay off debt. With the national student debt climbing to $1.5 trillion, recent grads around the country are unsure how to pay back loans with limited job prospects. According to Bloomberg, it would take nearly a century to pay back the nation's student loan debt. Most borrowers are paying about 1% of their debt if they stick to their monthly payment schedule, the Bloomberg report said.  

Morehouse, however, plans to study how the cost of higher education personally affects Morehouse men. There will also be a more concerted effort to make sure Morehouse men find suitable careers and are able to reduce loans to manageable levels. 

School president David A. Thomas acknowledges how extreme debt can delay and prevent some from going on to pursue graduate degrees.

“The Morehouse College Board of Trustees believes that student loan debt can be an obstacle in the path of Morehouse Men that can cause them to delay enrolling in advanced degree programs, working as K-12 teachers, or pursuing other interests that they are passionate about,” Thomas said. “The Morehouse College Student Success Program will provide students with a liberating gift that will wipe away or greatly reduce their student loans, allowing them to pursue their dreams and lead lives of leadership and service immediately after graduation."

In order to ensure the prosperity of their graduates, Morehouse is diligently working with "philanthropists, corporate partners, and other supporters," who may be interested in donating to the program's funding. Each gift will be disbursed directly to graduates in need. 

“We, at Morehouse, see the Student Success Program as an important step toward improving outcomes for our graduates and addressing the income disparities that people of color experience when they are overburdened by debt,” Thomas said. 

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