‘Pursue your goals’: Indian-origin philanthropist pays off loans for entire graduating class in US

An Indian-origin philanthropist stunned graduating students at North Carolina State University’s Wilson College of Textiles by announcing that he would pay off all final-year education loans for 176 graduates during their commencement ceremony in Raleigh.

According to the New York Post, Anil Kochhar announced while addressing the class of 2026 at Reynolds Coliseum on Friday. Wearing a red NC State cap, he said the gesture was intended to honour the legacy of his late father, Prakash Chand Kochhar, who travelled from Punjab to North Carolina nearly 80 years ago to study textile manufacturing.

“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 students.

The announcement prompted a standing ovation from graduates and their families. Kochhar said he hoped the financial support would give students “greater freedom to pursue your goals, take risks and build the lives you've worked so hard to achieve”. The loan relief applies to all 176 bachelor’s degree recipients from the college and covers loans taken out during their senior year. Another 26 master’s students also graduated during the ceremony, according to Axios Raleigh.

For many students, the gesture was described as life-changing. Alyssa D’Costa, a fashion and textile management major, said the support would ease pressure on her immigrant family. “As a daughter of immigrants, this money helps my family and me a lot, and I'm really fortunate to have an opportunity like this,” she told the university.

University officials said the Kochhars coordinated the initiative with school leadership and the Office of Scholarships and Financial Aid before the public announcement. David Hinks praised the donation, saying, “I could not be more grateful to Anil and Marilyn for this extraordinary investment in our newest Wilson for Life alumni.” He added that affordability remains one of the college’s main goals.