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In the media
Billionaire's $40M gift to Morehouse grads points way to student debt solution
With the country’s total student loan debt amounting to about $1.5 trillion, borrowers lose an average of $208,000 in lifetime wealth accumulation that could have come from retirement savings, investments or home purchases, according to studies from Washington, D.C.-based think tank Demos.
Smith’s grant will allow these new grads to invest the money they would have otherwise spent on repayments back into the economy. With the country’s total student loan debt amounting to about $1.5 trillion, borrowers lose an average of $208,000 in lifetime wealth accumulation that could have come from retirement savings, investments or home purchases, according to studies from Washington, D.C.-based think tank Demos.
Press release/statement
