Anonymous Donor Pays Off Texas Graduates' Student Debt

The graduating students of one historically black college in east Texas were surprised with a huge gift, reported KXAN. Not only do they all now have their diplomas, but they're also debt free.

During Wiley College's graduation on Saturday in Marshall, Texas, an announcement was made saying that an anonymous donor paid off all of their student loan balances. The total anonymous donation exceeded $300,000!

President and CEO Herman J. Felton, Jr. got to share the news with the students, who responded with cheers and gasps.

Felton said, "You are debt free! You do not owe the college a penny. If you have a balance, you had a balance. You no longer have a balance."

According to college leaders, tuition at Wiley College costs about $17,500 per year.

The huge donation comes ahead of the school's celebration starting in July to mark 150 years since it was founded.