NEW YORK, NY - DECEMBER 08: Robert Smith speaks onstage as Robert F. Kennedy Human Rights hosts The 2015 Ripple Of Hope Awards honoring Congressman John Lewis, Apple CEO Tim Cook, Evercore Co-founder Roger Altman, and UNESCO Ambassador Marianna Vardinoyannis at New York Hilton on December 8, 2015 in New York City. (Photo by Astrid Stawiarz/Getty Images for RFK Human Rights)

Robert F. Smith, a billionaire philanthropist,  put his money where his mouth is at the Morehouse College commencement over the weekend. Smith, the commencement speaker, announced he was gifting the school $1.5 million dollars. Very generous. THEN he said he was paying off the college loans of all of the schools college loans!

It’s estimated that smith, who is worth between five and six billion dollars, will pony up approximately $40 million to eliminate the grads’ student loans!

WATCH: Robert F. Smith announces he is paying off graduating seniors college debt!\