Billionaire Helps Students – level 3
Billionaire investor Robert F. Smith gave nearly 400 graduating college seniors a gift of a grant to eliminate their student loans. He promised this gift during his 2019 commencement speech for Morehouse College.
His great news completely stunned the crowd. One graduate thought that he was lying. The college president said that he had never seen a gift like this before.
A representative said that Smith will give $40 million to help pay off the student loans. Each student owes about $48,000 for tuition, housing, and other costs. The college said that many of its students get financial help.
For most colleges and universities across the USA, analysts think that student loan debt was about $1.5 trillion last year.
Difficult words: commencement (a ceremony when students are given their diplomas), tuition (class costs), debt (money that you owe and have to pay back).
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