Entrepreneur Anil Kochhar announced during a commencement address at North Carolina State University that he would pay off student loans taken out by graduating seniors from the school's Wilson College of Textiles during their final year.

Kochhar, described as a university donor and Indian American entrepreneur, delivered the keynote address to recent graduates of the textile college. The announcement went beyond the typical inspirational remarks expected at such ceremonies.

According to reports, Kochhar stated his goal was to help graduates leave school with "greater freedom to pursue goals" by eliminating the financial burden of their senior year educational debt. The offer applies specifically to loans taken out during the students' final year of study.

The Wilson College of Textiles is one of several colleges within North Carolina State University's system. Details about the total cost of Kochhar's commitment or the number of students who will benefit from the loan forgiveness were not immediately available.

The announcement represents a significant financial commitment from the donor, as senior-year tuition and expenses can total tens of thousands of dollars per student at major universities.