Student debt in America is no joke. As of now, there are more than 44 million borrowers who collectively owe a mind-boggling $1.5 trillion in student loan debt in the U.S. alone. Fortunately for the 396 college seniors that make up the graduating class of Morehouse College, they won’t have to pay a cent in student loans thanks to billionaire investor and philanthropist Robert J. Smith. As he was wrapping up his commencement speech to the graduating class of Morehouse College, which is an all-men’s, historically black private college in Atlanta, Smith announced that he would be paying off the student debt off all 396 college seniors. That’s about $40 million worth of debt between the graduating students!

While the students and audience members cheered over Smith’s announcement, he expressed his hope that the graduates would find their own way to pay it forward in the future and help pay off the debt of other graduates. If you want to see this beautiful moment for yourself, have a look at the video of his commencement speech right here.