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Robert Smith will pay Morehouse graduates’ student loans. Will there be a tax bill to pay?

Robert Smith will pay Morehouse graduates’ student loans. Will there be a tax bill to pay?
Wednesday 22
15:1 2019

Philanthropist and billionaire Robert F. Smith recently announced that he was paying off all the student loans for the 2019 graduating class of Morehouse College. (Ricky Carioti/The Washington Post) Getting something free in America can still end up costing you something. Those “free” T-shirts that credit card companies give to college students can sometimes result in paying on high-interest debt for years. The invitation for a “free” meal that includes information about managing your money in retirement is often just a sales pitch for an investment product that is likely to be overpriced, unnecessary or, in the worst case, a ...

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Read more from Washington Post : Robert Smith will pay Morehouse graduates’ student loans. Will there ...
Washington Post : Robert Smith will pay Morehouse graduates’ student loans. Will there be a tax bill to pay?

Summary: Smith’s largesse could be — depending on how the money is given — the rare gift that is truly free.

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