… had to write that check it would read $13,210,000,000.00.
Student loan debt disproportionally affects minorities. About 87% of blacks take out student loans at four-year colleges, while 65% of Hispanics take out student loans, according to the National Center for Education Studies.
Blacks average $7,400 more in debt than white when they graduate, and that gap widens over time due to higher default rates.
On the flip side, Forbes estimates Smith’s fortune at about $5 billion, built mainly through Vista Equity Partners, a private equity firm that focuses on buying and selling software firms. The firm has about $46 billion in assets under management, according to Forbes. It is privately held and does not publicly report its results, but it is believed to be one of the best-performing firms in the country, with annualized returns of more than 20 percent since its founding.
Thank you Mr. Smith! Thank you very much!