Billionaire Robert F. Smith this week paid off the student debt of the graduating class of Morehouse College. Hooray for him! He made the 400 grads very happy.

Who probably wasn’t quite as happy? The Morehouse grads and their families who scrimped so they wouldn’t have to take out loans to attend college and instead paid out of pocket.

And the ambitious and financially wise students who took jobs to pay their tuition so they wouldn’t have debt. And, of course, any student who came up a few credits short of graduation and figured it could wait until September.

Also unhappy will be the other billionaires and mere millionaires who are addressing college graduation classes this year. Those grads who sit before them will be wondering: If Smith can afford to spend $40 million on this wonderful gesture, why not this rich person in front of us?

Incidentally, Mike Bloomberg — one of the richest people in the world — will be addressing the graduating class of MIT (tuition at $48,452 a year) on June 7. Come on, Mike, don’t let Smith show you up! Pay off the students’ loans.