On May 19, 2019 billionaire Robert F. Smith announced at Morehouse Commencement that he would pay the debts of the 400 students graduating that day, a gift worth $40 million. Presidential candidates like Elizabeth Warren and Bernie Sanders want to forgive all student debt. This video analyzes the economic consequences of forgiving student loans and asks what lessons we can learn for student debt forgiveness.

Robert Smith's commencement speech:    • Billionaire Robert F. Smith pays debt...  

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Vox article on the natural experiment: https://www.vox.com/future-perfect/20...