Billionaire Robert F. Smith's legacy shapes Atlanta festival focused on HBCU student debt relief

The city of Atlanta is currently hosting a powerhouse gathering of celebrities, philanthropists, and academic leaders for the inaugural HBCU AwareFest. The weeklong event aims to celebrate Black excellence while raising critical funds to eliminate the student loan debt burden facing graduates of Historically Black Colleges and Universities (HBCUs).

The festivities continue Wednesday at the historic Ebenezer Baptist Church, where more than a dozen HBCU presidents from across the country will convene for a high-level conversation regarding the long-term impact of student loans on Black families.

The inspiration for AwareFest can be traced back to a transformative moment in 2019. During the Morehouse College commencement, billionaire Robert F. Smith surprised the graduating class by announcing he would pay off the student loan debt for nearly 400 graduates, a gift totaling approximately $34 million.

"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 journey isn't just about charity; it's about economic survival. Organizers emphasize that student debt is a primary barrier to the "widening wealth gap" in America. According to Shoates, debt causes 70% of people to delay major life milestones such as fully funding retirement accounts, attending graduate school, starting new businesses, or starting families.

While the event attracts national stars, the local impact is staggering. Georgia is home to 10 HBCUs, and according to the United Negro College Fund (UNCF), these institutions have a collective economic impact of $1.6 billion.

Graduates like Madysen Forney, hope the festival inspires the next generation to be proactive. "I'm here to inspire students to graduate debt-free and apply for scholarships," Forney said.

The week's schedule is filled with high-profile fundraisers, summits, and panels focused on finance and health. The event features notable supporters, including fundraising hosts Magic Johnson, Anthony Anderson, and Rosci Diaz, as well as fireside chats with Tyler Perry, Robert F. Smith, and Daymond John.

The momentum builds toward Thursday night, where Jill Scott, John Legend, and Wyclef Jean will headline a massive benefit concert at State Farm Arena. All proceeds from the week's events will go directly toward supporting HBCUs and their students.