During the in-person commencement ceremony on Sunday for Otis College of Art and Design in Los Angeles, graduates received an amazing gift: no more student loan debt.
When Otis President Charles Hirschhorn told the graduating class of about 285 students that Snap CEO Evan Spiegel and his wife, KORA Organics CEO Miranda Kerr — who were sitting behind him — will pay off every student loan for the class of 2022, the room exploded in cheers and a few tears (video below).
The donation will amount to more than $10 million, according to Forbes.
Spiegel, who co-founded Snapchat, and his wife Miranda Kerr, the CEO of beauty brand KORA Organics, will pay off all student loans for the Class of 2022 from Otis College of Art and Design. Spiegel and Kerr made the donation, which was not disclosed but is reportedly more than $10 million, through the Spiegel Family Fund.
"Otis College of Art and Design is an extraordinary institution that encourages young creatives to find their artistic voices and thrive in a variety of industries and careers," Spiegel and Kerr said. "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."
Otis also will use Spiegel and Kerr's gift to create the Alternative Loan Debt Repayment Fund, which Otis will use to make charitable gifts to graduating students with similar educational loans secured outside of Otis College. Otis is one of the most diverse colleges in the U.S., with 77% of the student body identifying as a student of color. More than 90% of students receive financial aid.