Anonymous donor wipes out $300,000 student loan debt for more than 100 Texas graduates

The graduation ceremony itself is an emotional day for every student, isn’t it? After all, this marks the end of our academic journey and takes us to the next stage of our career. But for some students from the state of Texas in the United States, their graduation day turned out to be very special.

During their commencement ceremony earlier this month, more than 100 graduates of Wiley College in Marshall, Texas discovered that an anonymous donor had paid off their class’s student loans!

Herman J. Felton Jr., who is the president and CEO of Wiley College, informed the class of 2022 during their graduation ceremony (May 7, 2022).

The college had also posted a clip of the special moment on its Twitter account.

The college tweet read “You have no debt; you don’t owe the college a dime,” President Felton said to cheers and applause. “If you have a balance, you had a balance. You no longer have a balance.

The class of 2022 should have had a total balance of $300,000according to a report by Huffpost.

CEO and President Felton also spoke about the importance of helping students meet the rising costs of a college education in a news release from Wiley College.

“Our commitment to our students goes beyond their time while they are enrolled,” said college CEO Felton. “We are constantly communicating with donors to help students in these ways so they can begin their post-college experience with less debt.”

Felton said he was grateful to the anonymous donor, whose donation will help the college “achieve our students’ institutional graduation goals with little or no debt.”

Prior to anonymous donation to Wiley College, philanthropist MacKenzie Scott had donated $20 million to Morehouse College in 2020and billionaire Robert Smith had donated $34 million to the Morehouse promotion in 2019.

Also read: From loans, income to investing: Schools in this US district teach financial literacy lessons to students

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Student Loan Forgiveness Announcement by President Joe Biden

This all comes as US President Joe Biden recently said his administration was weeks away from a decision on canceling student loans.

“I plan to face some debt reduction. I’m not looking at a $50,000 debt reduction,” Biden said in response to questions from reporters about how much debt it would cancel per borrower. “I am in the process of looking closely at whether or not there will be further debt forgiveness, and I will have a response on this within the next two weeks.”

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