It's up to $ 40 million, a spokesman for the historically black school told CNN.
Here's what you need to know about the 56-year-old billionaire investor.
Smith is the richest black person in the United States, with a net worth of $ 5 billion, according to Forbes. Yes, he is richer than Oprah.
He is the founder of the investment company Vista Equity, which has $ 46 billion capital commitments, according to the website. In 2019, Smith # 355 was on the Forbes Billionaires List.
Smith is the son of teachers who started their career as a chemical engineer for Goodyear and Kraft. He attended the Business School at Columbia University and continued to make a fortune to invest in the technology sector and worked for Goldman Sachs before starting Vista Equity in 2000.
Smith has praised the potential of technology to create capital and wealth for people across the globe as well as improving life.
"Intellectual capital has become the new currency for business and economy ̵
However, he warns that not everyone will reap the benefits of this potential.
"Potential is no guarantee of progress," Smith wrote in the essay. "We just want to understand the disruptive potential of our time if we create rattles that allow ALL people to participate, regardless of background, country of origin, religious practice, gender or skin color."
He has quite the generous stretch
Smith is a great believer in paying it forward.
Prior to Sunday's student loan announcement, he donated $ 1.5 million to Morehouse College for scholarship and new park development. In 2016, he pledged $ 50 million to Cornell University, one of his alchemists, to support his chemical and biomolecular engineering school, as well as black and female engineering students.
In 2017, he signed the Giving Pledge, an attempt on speculation by billionaires Warren Buffett and Bill and Melinda Gates to achieve rich Americans in giving away half of their fortunes.
Smith said he would invest half of his net worth in his lifetime leading it to support equality for black Americans and the environment, while his wife, model Hope Dworaczyk Smith, will focus on helping children.
He is one of the basic donors of the National Museum of African American History and Culture, committing $ 20 million to the museum before the opening.
He is also the founder and president of the Fund II Foundation, which provides grants for causes such as human rights, environment, music education and "preserving the African American experience." 
He is married to a Playboy playmate
Dworaczyk was named Playboys player of the year in 2010 and hosted and co-produced the Canada-based show "Inside Fashion" at E!
The couple have two children together, and Smith has three other children from a previous marriage.
CNN's Eliott McLaughlin contributed to this report.