The co-founder of Snapchat, Evan Spiegel, has paid off the entire student debt of all graduates at the LA Art School.
Evan Spiegel and his wife, Miranda Kerr, have paid off the entire student debt of 284 graduates at the Otis College of Art and Design in LA, the Daily Mail reports.
Spiegel and Kerr attended the school’s graduation commencement ceremony on Sunday where they both received honorary degrees and the announcement was made to the class of 2022.
Spiegel, who attended the college for summer classes when he was younger, and Kerr made the donation through the The Spiegel Family Fund.
The Spiegel Family Fund is dedicated to and helps to fund the arts, education, housing and human rights causes.
According to the outlet, Charles Hirschhorn, the president of the college, shared the news with students at the ceremony as he saidthat the “burden of student debt is a heavy price that you paid for an exceptional Otis college education.”
“We understand that this debt can compromise your future and limit your creative ambitions,” he continued. “We do not want to see this happen. We want to empower your imagination, your creativity, and innovation.”
“So 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,” he said. “Their gift will enable you to repay your student loans.”
Footage from the ceremony reportedly showed students jumping up and down and crying after the life-changing news was announced.
In a statement, Spiegel and Kerr said it was a “privilege” to “support the Class of 2022.”
“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 said.
It is the largest single gift that the Otis College of Art and Design has received in the college’s history.