NEW: Students go nuts after donor announces during his commencement speech that he is paying off all of their senior year debts.
Anil Kochhar and his wife decided to give the gift to all ~200 graduates in N.C. State's family.
Kochhar is the son of Prakash Chand Kochhar, an immigrant from India who studied textile manufacturing in Raleigh.
"My father found not just an education, but an opportunity that allowed him to build a life, support his family, and begin a legacy that continues today. And it will never stop, never," Kochhar said.