Don't do it. Paying off loans builds character. Being helped TOO much has brought us a generation of enabled folks who get "helped" so much they NEVER learn to FOLLOW THROUGH and bail themselves out of debt.
How will they ever learn if they keep being rescued and helped? Let them WORK OFF their loans and learn the value of doing it for THEMSELVES, not being helped by do-gooders and mommies.
There goes another charitable idea out the window. What about paying a scholarship for the sons/daughters of military personnel and our police officers/firefighters?