Meet Anil Kochhar, the Indian-origin philanthropist paying off more than 175 student loans in US

Student loans have always been a concern in the United States. Hence, when a donor offered to pay off the loans of graduates, celebrations broke out, and the announcement went viral online.

It all occurred on May 8 when Indian-American philanthropist Anil Kochhar, along with his wife Marilyn Kochhar, announced that he would be covering all final-year student loans for the 2026 graduating class at North Carolina State University’s Wilson College of Textiles.

But who exactly is Anil Kochhar? We have the answer.

Kochar’s graduation gift for students

On May 8, the graduates of North Carolina State University Wilson College of Textiles had gathered for their graduation ceremony. They received a huge surprise when the commencement speaker vowed to erase their student debt so that they could “pursue their goals”.

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Anil Kochhar, the speaker at the event, took to the podium and said: “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.”

“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 venue broke out in cheers and celebrations when the students realised that their senior-year loans would be paid off by the Kochhars.

Kochhar’s graduating gift applies to all 176 students who received their bachelor’s degree, as well as another 26, who earned a master’s degree.

While it’s not clear yet how much this amounts to, it is estimated to be between $4 million and $8 million.

The life of Anil Kochhar

Not much is known about the Indian-origin philanthropist Anil Kochhar. He, however, tied his act of generosity to a story that goes back years. “Eighty years ago, a young man travelled 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,” said Anil about his father, Prakash Chand Kochhar.

Kochhar Sr moved to Raleigh from Punjab in 1946 to study textile manufacturing at NC State University. He later earned a bachelor’s degree in 1950 and a master’s degree in 1952 before beginning his career at Industrial Rayon in New York City as a sales service coordinator.

“He arrived in a country far from home, at a time very different from today, but he was welcomed with open arms,” he added. “They said, Prakash, we’re glad you’re here.”

The Kochhar family later made the US their home. After his death in 1985, his wife Christine Hayes Kochhar, whom he had met at the North Carolina college, created the Prakash Chand Kochhar Memorial Textile Scholarship for the university in 1986.

Notably, the act of paying off the student loans isn’t Kochhar’s sole act of generosity. He has made multiple donations to the university: the Prakash Chand Kochhar Dean’s Chair Endowment, which supports the dean or general resources for the college; the Prakash Chand Kochhar Endowed Faculty Fund, which provides awards for five-year terms and supports recruitment, student work with faculty members, professional development, travel and research; and the Prakash Chand Kochhar Graduate Support Endowment, which supports graduate students in the Department of Textile Engineering, Chemistry and Science with research, travel and conference attendance.

Concern over student debt in US

Kochhar’s announcement comes as a huge relief for the graduates of the North Carolina University. As Alyssa D’Costa, a fashion and textile management major, was quoted as saying, “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.”

In fact, student debt remains a major issue in the United States. Data shows that Americans collectively owe more than $1.7 trillion in student loans, with many graduates facing repayment obligations that shape career decisions, housing access, and long-term savings.

With inputs from agencies