When Anil Kochhar took the podium at North Carolina State University's textile college commencement this spring, he came with more than inspirational remarks. The Indian American entrepreneur announced he would personally cover all senior-year student loan debt for the graduating class, a gift that drew a standing ovation from the crowd.
Kochhar, who co-founded a healthcare technology software company, made the pledge during remarks at the Wilson College of Textiles ceremony in May. The move touched graduates who had taken loans to cover their final year of study, offering what many described as a path to freedom from financial constraint.
"I hope that all of you leave 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," Kochhar said.
The announcement resonated particularly with graduates from families who had sacrificed for their education. Alyssa DâCosta, one of the degree recipients, reflected the sentiment in a statement to the university: "As a daughter of immigrants, this money helps me and my family a lot."
Student loan debt in the United States touches roughly 43 million people, with total balances near $1.7 trillion. Those who have received forgiveness or relief often describe the experience as transformative, opening doors to career changes, home ownership, and life milestones previously out of reach.
Kochkar and his wife, Marilyn, structured the gift as a tribute to his late father, Prakash Chand Kochhar, who had attended the same university nearly eight decades earlier. The elder Kochkar arrived from Punjab, India in 1946 and earned both his bachelor's degree in 1950 and master's degree in 1952 in textile manufacturing from NC State before building a career that spanned the United States and beyond.
"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," Anil Kochkar said in a university statement.
The commencement ceremony, held at William Neal Reynolds Coliseum, saw 176 students receive bachelor's degrees and 26 receive master's degrees. David Hinks, dean of the Wilson College of Textiles, praised the couple's generosity as "an extraordinary investment in our newest alumni."
Kochkar closed his remarks with characteristic directness: "Graduates, the world is waiting for what you create with no friggin' last-year debt. Go get 'em."
Author James Rodriguez: "A donor stepping in to clear graduation-year debt turns commencement from pomp into real economic relief, and that's the kind of gift that actually changes trajectories."
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