Atlanta, GA., United States (4E) - Billionaire Robert F. Smith, an honorary doctorate recipient at Morehouse College's Sunday morning graduation exercises, announced at the ceremony that his family was offering a generous grant to pay off the student debt of the entire Class of 2019.

"This is my class," he said, "and I know my class will pay this forward."

Huge cheers came from the crowd of nearly 400 graduating seniors at the Georgia college over the gift, estimated to be in the $40 million range.

Smith is chairman and CEO of Vista Equity Partners, a software and technology investment firm.

He also gave the college $1.5 million Thursday, which will reportedly be used for student scholarships and a new park on campus with an outdoor study area.