Indian-American philanthropist wipes out loans for 176 graduates

An Indian-American businessman and philanthropist stunned graduating students at North Carolina State University by announcing that he and his wife would pay off the final-year education loans of 176 students — a surprise gesture that triggered tears, cheers and standing ovations at the commencement ceremony, according to university statements and US media reports.

Anil Kochhar made the announcement while addressing graduates of the Wilson College of Textiles in Raleigh, North Carolina, saying the gift was meant to honour the memory and journey of his late father, Prakash Chand Kochhar, who arrived in the United States from Punjab nearly 80 years ago.

“It is my privilege to announce today that, in honour of my father, Prakash Chand Kochhar, Marilyn and I are providing a graduation gift to cover all the final-year education loans incurred by Wilson College graduates during the 2025–26 academic year,” Kochhar told the graduating class during Friday’s commencement ceremony.

The announcement immediately transformed the atmosphere inside Reynolds Coliseum, with students and families erupting in applause as the scale of the gift became clear.

The initiative applies to all 176 bachelor’s degree recipients graduating from the college and covers loans taken out for their senior year. Another 26 master’s students also graduated during the ceremony, according to local media reports.

While the university has not disclosed the exact amount involved, US media estimates placed the donation between $4 million and $8 million, depending on the size of the loans being cleared.

For many students, the announcement meant instant relief from years of financial anxiety.

“As a daughter of immigrants, this money helps my family and me a lot,” fashion and textile management student Alyssa D’Costa told the university. “I’m really fortunate to have an opportunity like this.”

Kochhar told graduates he hoped the gift would give them “greater freedom” to take risks, pursue careers and build their futures without being weighed down by debt.

“Marilyn and I hope that all of you leave Reynolds Coliseum today not only with a degree but with greater freedom to pursue your goals, take risks and build the lives you’ve worked so hard to achieve,” he said.

Much of Kochhar’s speech focused on his father’s story — a journey that began in Punjab in the 1940s and eventually shaped a multi-generational relationship with the university.

Prakash Chand Kochhar became only the second Indian student to enrol at the Wilson College of Textiles in 1946, according to university records. He completed a bachelor’s degree in textile manufacturing in 1950 and a master’s degree two years later before building a career in textile engineering across the US and abroad.

“Eighty years ago, a young man travelled thousands of miles from India to Raleigh with little more than hope and determination,” Anil Kochhar told graduates.

“He could not have imagined the life it would create, or that one day his son would stand here speaking to a graduating class at the very institution that welcomed him.”

Following Prakash Chand Kochhar’s death in 1985, the family established scholarship and faculty support programmes at the university. Over the years, Anil Kochhar and his wife Marilyn expanded those efforts through multiple endowments supporting faculty recruitment, graduate research and student opportunities.

Earlier this year, the university also announced another major investment by Kochhar aimed at strengthening the college’s leadership and graduate programmes.

The announcement has also reignited debate around the growing student debt crisis in the United States, where borrowers collectively owe more than $1.7 trillion in education loans, according to US government data cited in media reports.

Education costs in the US have continued to rise sharply over the past two decades, with many graduates carrying debt for years after leaving university.

The issue is especially significant for historically underrepresented and minority communities, who often borrow more heavily and take longer to repay loans. Though Wilson College of Textiles is not a historically Black college or university, commentators noted that Kochhar’s gesture resonated widely because of the financial pressures facing students across the country.

University officials said the Kochhars coordinated closely with school leadership and financial aid departments before the announcement.

“I could not be more grateful to Anil and Marilyn for this extraordinary investment in our newest Wilson for Life alumni,” Wilson College Dean David Hinks said in a university statement.

“One of our primary goals is to make the Wilson College affordable for all, and Anil and Marilyn are helping us achieve it.”

Videos of the emotional moment quickly spread across social media platforms, with many users describing it as one of the most memorable graduation surprises in recent years.

- with inputs from NDTV and Times of India