Marshall, TX

Anonymous donor pays loan balance for students graduating from Wiley College in Texas

T. Ware

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Student loan balances cleared for 2022 grads at Texas college -Eben Kessaye/Unsplash

How would you like it if someone paid off your college loan?

Student loan forgiveness might irritate the general public and college grads who have already paid their debts. Yet for students who owe money, it’s fantastic to have someone step in and take the financial burden from them.

“The student loan debt stands at $1.7 trillion among 45 million borrowers,” according to Fortune. So far, President Joe Biden canceled about $20 billion of college loans, and he’s considering increasing it to as much as $50,000 per borrower.

This year’s graduates from Wiley College, a small school in Marshall, Texas, don’t need to wait for the federal government to forgive their student loans. An anonymous donor picked up the tab for the graduating class of approximately 100 students. He’ll pay the $300,000 bill for what students owe the school.

“Although Wiley College is committed to access and has reduced its tuition in the past years to $17,500 (tuition, fees, and room and board), students sometimes still have balances,” per a 2022, May 7 press release. The college seeks to help students graduate with little or no debt to the school.

“We are constantly communicating with donors to assist students in these ways so that they can begin their after-college experience with less debt,” Dr. Herman J. Felton, Jr., the school’s president, stated in the press release.

While $300,000 is only a drop in the bucket of the overall student loan debt, the 2022 graduating class of Wiley College won’t have that debt hanging over their heads. The generous donation also means the public won’t have to foot a forgiveness bill for students from the college in Marshall, Texas.

Do you expect someone, other than you, to pay off your college loan?

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