Snap Inc. CEO Evan Spiegel and entrepreneur-supermodel Miranda Kerr paid off the student debt for a California college graduating class of 2022.
The donation “will allow for the repayment of the outstanding student debt of students in the graduating Class of 2022,” Otis College of Art and Design said in a statement Sunday.
Spiegel and Kerr, who married in 2017, called the college “an extraordinary institution that encourages young creatives to find their artistic voices and thrive in a variety of industries and careers,” in the statement. Spiegel previously took classes at the college, and he and Kerr received honorary degrees at the school’s commencement ceremony on Sunday.
“It is a privilege for our family to give back and support the Class of 2022, and we hope this gift will empower graduates to pursue their passions, contribute to the world, and inspire humanity for years to come,” they added.
The donation was announced during the college’s commencement ceremony, and video of the graduation shows students clapping and cheering.
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Charles Hirschhorn, the college’s president, told the graduates that the school understands student debt “can compromise your future and limit your creative ambitions. We don’t want to see this happen. We want to empower your imagination, your creativity and innovation. ”
“We are pleased to announce today that Evan and Miranda, through their Spiegel Family Fund, have made the largest single gift in the history of Otis College. Their gift will enable you to repay your student loans, ”he added.
The college established two funds for the graduates, one for repaying loans certified by its financial aid office, and another one to help students with loans secured outside of the college.
According to the Department of Education, Otis College of Art and Design undergraduates have a median total debt after graduation of $ 27,000.