Bangladesh, May 20 -- A billionaire technology investor stunned the entire graduating class at Morehouse College when he announced at their commencement Sunday that he would pay off their student loans __ estimated at up to $40 million.

Robert F. Smith, this year's commencement speaker, made the announcement while addressing nearly 400 graduating seniors of the all-male historically black college in Atlanta. Smith, who is black, is the Founder and CEO of Vista Equity Partners, a private equity firm that invests in software, data, and technology-driven companies.

"On behalf of the eight generations of my family that have been in this country, we're gonna put a little fuel in your bus," the investor and philanthropist told graduates in hi...