Imagine being excited about graduating from college, but with the stress of a massive student loan on your back. Picture yourself constantly calculating, planning, and finding ways to pay that debt.But the students of a small college in North Carolina don’t have that burden on their shoulders anymore.Why? Because their student loans just got paid off!
What happened?
For 176 students graduating from a small college in North Carolina, their big day turned out to be a whole lot more than just crossing the stage. It became the moment their financial lives took a completely different turn.Per the New York Post, during the ceremony at Johnson C. Smith University, which is a historically Black college in Charlotte, businessman and philanthropist Anil Kochhar stepped up to the microphone. Then he dropped a bombshell: he was wiping out the student loan debt for every single member of the graduating class.Now, historically Black colleges and universities (HBCUs) have always been lifelines for Black students in America, especially for those who often end up borrowing more and paying off loans longer than their white peers. Research keeps showing that Black graduates often carry heavier debt, and this act underscores the daily financial anxiety so many students face. Kochhar, for his part, says he believes education should open doors, not lock you into years of repayment.And despite that, no one saw it coming. That’s probably why the room erupted — tears, cheers, hugs, and just plain shock. The news raced across social media and national news, with many people calling it one of the most inspiring graduation moments in recent memory. Students who’d been bracing for years of loan payments realized, in an instant, their debt was gone. Videos show wide eyes, incredulous laughter, and those you’ve-gotta-be-kidding-me kinds of hugs.
Who is Anil Kochhar?
Anil Kochhar is an Indian-American entrepreneur whose name is getting lots of attention now, though he’s kept a pretty low profile until this moment. Kochhar came to the US from India decades ago, made his mark in finance and investing, and then quietly shifted his focus to philanthropy. People who know him say he’s always cared about education and supporting students who otherwise might not get a break.And here’s how it happened: The university introduced Kochhar as a special guest speaker at commencement. As he started speaking, he announced that he’d pay off federal and university loans for all 176 graduates. There was no catch. The gift covered federal and institutional student loans for those eligible, and for some, that meant tens of thousands of dollars suddenly erased from their future bills.
How much did he pay?
The university hasn’t released an official number yet, but the estimates floating around put the size of Kochhar’s donation somewhere between $4 million and $8 million—no small sum, especially since several students reportedly owed more than $50,000 each. With those loans gone, these graduates can think about graduate school, buy a home, help family, or even start a business without the weight of debt holding them back.As surprising as it is, this wasn’t the first time Kochhar gave back, though it might be the most high-profile. Colleagues say he draws a lot from his own experience as an immigrant: he sees education as the way to make it in America. His gift, in fact, got people talking about the bigger student loan crisis in the US. Americans as a whole owe over $1.7 trillion in student loans. College keeps getting more expensive, and far too many graduates spend years, even decades, in debt because of it.DISCLAIMER: Figures presented in this article are derived from various public sources and are considered approximate unless explicitly noted. We may include direct input from celebrities or their teams when available. We are open to feedback on toientertainment@timesinternet.in.
