Can a billionaire solve the student debt crisis one loan at a time?

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Graves Hall, Morehouse College, Atlanta. Credit: Wikimedia Commons. 

Billionaire Robert Smith pledged to pay off some $40 million in student loans for Morehouse College’s class of 2019, which includes nearly 400 students. Morehouse students are elated, and the story has exploded on social media. But could Smith’s donation do more harm than good?