A year after billionaire Robert F. Smith vowed to eliminate the student loan debt for Morehouse College’s entire 2019 graduating class, other Black business leaders are following suit.

Frank Baker, founder and managing partner of the private equity company Siris, and his wife interior designer Laura Day Baker recently announced the creation of a $1 million scholarship fund for Spelman College graduates.

The fund that the couple started will cover the spring tuition and other expenses for nearly 50 students who are a part of Spelman’s 2020 graduating class and other graduates over the next three years.

According to a study released by the United Negro College Fund, students who attend HBCUs graduate with more debt than students from other colleges and universities throughout the country.

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