Smith's $34 million gift to Morehouse grads includes parent loans

Turns out the ultimate graduation gift – paying the education loan debt of nearly 400 graduates – costs $34 million.

Four months after billionaire Robert F. Smith surprised the Morehouse College class of 2019 by pledging zero college debt, the Atlanta-based historically black, all-male college released more details of Smith and his family's donation.

Not only will the donation pay off student loans, but loans their parents took out will be included, the college said in a news release Friday about the new Morehouse College Student Success Program.

Smith, founder of private equity and venture capital firm Vista Equity Partners, is worth about $5 billion, according to Forbes. He was the wealthiest African American in the country in 2018.