One of the best gifts you can give a recent college grad is cold, hard cash. It can serve as a launching pad for establishing themselves as an adult, equipping them to get their first apartment, start paying off those sky-high student loans, and maybe enough to get them some well-earned drinks at their favorite local watering hole. 

And one billionaire makes that wish come true each year: Rob Hale, founder and CEO of telecommunications company Granite Communications, annually doles out $1,000 checks to local recent college graduates in Massachusetts. He’s worth about $6 billion and helms the $1.8 billion company that provides voice, data, internet, mobile, and video services for businesses and government clients. 

But these college graduates don’t just get to take the money and run. They have to pledge they’ll give at least half of it away to charity. 

“The turmoil in our country has increased the need for caring, sharing and compassion,” Hale said during a commencement address at Bridgewater State University in May. “Our community needs—needs—your help, your leadership and your empathy more than ever.”

Hale started this annual tradition in 2021, so he’s been able to see how some of his beneficiaries used their gift. His ritual began at Quincy College in 2021, and he’s also donated to students at Roxbury Community College, UMass Boston, and UMass Dartmouth. 

“These are students who are busting their butts to earn a diploma, and I am so proud to be able to support them,” Hale told Leaders Magazine in October_._

One beneficiary, now 24, donated half of her cash to Northeast Arc, an organization helping individuals with disabilities.

“There were some pretty significant federal funding cuts right around the time of my graduation,” Gene Symonds told local news publication WBUR. “A lot of the people they serve, they rely on that federal funding. I really wanted to contribute to that.” Others gave back to local schools and youth organizations.

And while students can spend their remaining $500 how they choose, many use it toward paying off student loans. The cost of higher education is rapidly increasing and the average student loan balance amounts to $28,775 (public school) and $42,449 (private school), according to the Education Data Initiative. So being able to make a dent in those can be beneficial for recent grads.