Tag: The Conversation

LET’S TALK ABOUT IT: Could African American Philanthropy Help Solve the Black Student Debt Crisis?

Billionaires Robert Smith, Oprah Winfrey, top; Beyonce and Jay Z, bottom (photos via Creative Commons)

EDITOR’S NOTE: For some time now, we here at GBN have struggled with the fact that while our operating directive is always to present positive stories, there are so many issues that affect our communities that don’t fit that philosophy, but would love to find a way to present that doesn’t stray from our core mission. It recently dawned on us that the steps we as individuals and societies take to solve problems, large or small, could perhaps be our way in. Solutions can only come first through awareness and acknowledgement of the issue, learning about it, discussing it, then figuring out ways to act that may help solve it.

In that spirit, we introduce “Let’s Talk About It” – a new GBN feature we will occasionally present about problems that need ideas for solutions. Our first entry is a share from, appropriately enough, The Conversation, a website GBN has partnered with to bring to you exactly this type of content.

First up: How can we as a community begin to solve the black student debt crisis? Should we follow the lead of billionaire Robert F. Smith, who single-handedly relieved the debt of Morehouse College’s graduating class of 2019, and task the wealthiest among us to pitch in and help out? Or are there other ways for us to alleviate this issue? Read below, and if you’d like, let’s discuss!

-Lori Lakin Hutcherson, GBN Founder and Editor-in-Chief

From The Conversation:

by Mako Fitts Ward, professor at Arizona State University 

When billionaire Robert F. Smith decided to pay off the student loans of the graduating class of 2019 at Morehouse College, he suggested that others follow his lead.

“Let’s make sure every class has the same opportunity going forward, because we are enough to take care of our own community,” Smith declared in his commencement speech.

But is there even enough black private wealth in the United States to pay off all black student loan debt?

As a scholar in social transformation and African American studies, I’m intrigued by this question. It provides an opportunity to examine black wealth, higher education and the possibilities for alleviating debt, which in turn opens the door to new economic opportunities.

Black celebrities give to higher education

Smith’s gift is estimated to be worth US$40 million and will benefit 396 students.

That’s a lot of money, and he’s done it before. Before his gift to Morehouse, Smith donated $50 million to Cornell University, his alma mater, in part to support African American and female students at Cornell University’s College of Engineering.

Other black celebrities have also stepped up to fund education. Powerhouse couple Beyonce and Jay Z gave more than $1 million in scholarships to students who lived in cities they were touring in 2018.

Rapper Nicki Minaj gave 37 “Student of the Game” scholarships. LeBron James, through his foundation, promised to pay for 2,300 students to attend the University of Akron – at an estimated price tag of $100 million. Oprah Winfrey has donated more than $400 million to educational causes.

But with just five black billionaires in the United States – Smith, Winfrey, David Steward, Michael Jordan and Jay Z – monumental gifts like the one that Smith made will likely be few and far between.

Is Smith’s claim that “we are enough to take care of our own community” true of all the black wealth in the U.S.? Continue reading “LET’S TALK ABOUT IT: Could African American Philanthropy Help Solve the Black Student Debt Crisis?”