Graduates at North Carolina State University cheered as they were told by a commencement speaker that he and his wife would pay off all of their senior year debt.
Donor Anil Kochhar revealed the surprise gift during the college's graduation ceremony at Reynolds Coliseum in Raleigh.
Kochhar told students that he and his wife Marilyn would cover all education loans incurred during the 2025-26 academic year.
'It is my privilege to announce today that, in honor 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 crowd.
The stunned graduates were caught by surprise as disbelief quickly gave way to screams as a spontaneous round of applause rippled around the arena, while others burst into tears as they realized a major portion of their student debt had just been erased.
Some hugged classmates while others sat frozen in shock. The students then got to their feet to give Kochhar a standing ovation.
'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,' Kochhar added.
The graduating class included 176 students earning bachelor's degrees and another 26 receiving master's degrees from the Wilson College of Textiles, according to university officials.
Anil Kochhar announced during Friday’s graduation ceremony that he and his wife Marilyn would cover all final-year student loans for Wilson College graduates
The surprise announcement was made at Reynolds Coliseum during the commencement ceremony for North Carolina State University’s Wilson College of Textiles
The exact value of the Kochhars' gift has not yet been publicly calculated, though Axios Raleigh reported the university was still working through the numbers.
Among students receiving the windfall is fashion and textile management major Alyssa D'Costa, who said the financial relief would have a profound impact on her family.
'As a daughter of immigrants, this money helps me and my family a lot, and I'm really fortunate to have an opportunity like this,' D'Costa told CBS17.
She later spoke about her parents' sacrifices, saying her father worked as a taxi driver in New York City while her mother worked as a preschool teacher.
'Money's been an issue or struggle for us, so I really appreciate that a lot,' D'Costa said.
For Kochhar, the moment was deeply personal.
The gift honored his late father, Prakash Chand Kochhar, who traveled from Punjab, India, to Raleigh in 1946 to study textile manufacturing at what was then known as the School of Textiles at NC State.
University officials have said Prakash Chand Kochhar was believed to be only the second Indian student ever to enroll at the university.
University officials said the Kochhars coordinated the debt relief plan with school leadership and the Office of Scholarships and Financial Aid before the ceremony
Kochhar said the debt relief would apply to all education loans incurred during the year. The graduating class included 176 bachelor’s degree recipients and 26 master’s degree graduates from the Wilson College of Textiles
Kochhar dedicated the financial gift to his late father, Prakash Chand Kochhar, top left, an NC State textile alumnus
He earned bachelor's and master's degrees from the school in 1950 and 1952 before building a career that took him around the United States and overseas.
He died unexpectedly in 1985, but his connection to the university remained central to the Kochhar family for decades afterward.
Standing before graduates on Friday, Anil Kochhar reflected on his father's journey from India to North Carolina.
'My father could not have imagined this moment. Not just me standing here, but all of you sitting here,' Kochhar said.
'A new generation, shaped by a different world, but connected by the same spirit of possibility that brought him here decades ago. And that's what today represents.'
He continued: 'Eighty years ago, a young man traveled thousands of miles from India to Raleigh with little more than hope and determination. He could not have known where that journey would lead.
'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.'
Students appeared surprised and delighted at the good news of their windfall
Several students were open-mouthed as the enormity of what they had been told filtered down
Students rose to their feet in a stand ovation and looked to be beaming with delight
Students cheered as they got to their feet and applauded Kochhar for his generosity
Kochhar also spoke about the broader challenges facing the world and urged students to use their education boldly.
'In a time when the world is faced with many challenges in medicine, sustainability, humanitarian relief, technology and beyond … your education has given you the tools to meet these challenges with creativity and conviction,' he told graduates.
At one point during his speech, Kochhar emotionally described the impact NC State had on his father's life.
As part of the Wolfpack community, he said his father 'found not just an education, but an opportunity that allowed him to build a life, support his families and begin a legacy that continues today. And it will never stop, never.'
The Kochhar family has long supported the Wilson College of Textiles through scholarships and donations benefiting faculty and graduate programs, but Friday's surprise debt relief announcement instantly became one of the university's most unforgettable commencement moments.
University officials said the Kochhars worked with school leadership and the Office of Scholarships and Financial Aid ahead of the ceremony to arrange the debt payoff.
Wilson College Dean David Hinks praised the couple's gift in a statement after the ceremony.
'I could not be more grateful to Anil and Marilyn for this extraordinary investment in our newest Wilson for Life alumni,' Hinks said.
'One of our primary goals is to make the Wilson College affordable for all, and Anil and Marilyn are helping us achieve it.'