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Robert F. Smith wrote a $34 million check at a college graduation in 2019. Six years later, that moment is still generating momentum.
Atlanta is hosting the inaugural HBCU AwareFest, a weeklong event bringing together celebrities, philanthropists and academic leaders to raise funds aimed at eliminating the student loan burden carried by graduates of Historically Black Colleges and Universities. The event traces its origins directly to Smith's surprise announcement at Morehouse College's 2019 commencement, when the billionaire founder and chief executive officer of Vista Equity Partners pledged to pay off the student debt of nearly 400 graduating seniors.
"HBCU AwareFest is an initiative that was started as part of this journey coming out of the Morehouse gift," said Keith Shoates, one of the organizers.
The festival's programming extends well beyond fundraising. On Wednesday, more than a dozen HBCU presidents gathered at the historic Ebenezer Baptist Church for a high-level summit on the long-term economic impact of student debt on Black families. Organizers argue that debt is a primary driver of the widening wealth gap in America, with Shoates noting that 70 percent of borrowers delay major life milestones such as starting businesses, funding retirement accounts, attending graduate school or starting families because of loan obligations.
The local stakes are significant. Georgia is home to 10 HBCUs, and according to the United Negro College Fund, those institutions collectively contribute $1.6 billion to the state's economy. Graduates like Madysen Forney, who attended to share her experience, said she hopes the festival motivates current students to pursue debt-free paths. "I'm here to inspire students to graduate debt-free and apply for scholarships," Forney said.
The week's schedule includes high-profile fundraisers, finance panels and health summits. Magic Johnson, Anthony Anderson and Rosci Diaz are serving as fundraising hosts. Smith and Tyler Perry are both participating in fireside chats alongside entrepreneur Daymond John.
The week builds to a major benefit concert Thursday night at State Farm Arena, headlined by Jill Scott, John Legend and Wyclef Jean. All proceeds from the week's events will go directly toward supporting HBCUs and their students.
Smith's original Morehouse commitment, described at the time as one of the largest gifts ever made to an HBCU graduating class, has since catalyzed broader conversations about the structural barriers student debt creates for Black wealth building in America.
