Snapchat Co-Founder Evan Spiegel and Wife Miranda Kerr Pay Debts of L.A. Art School Graduates

·2 min read
2022 MET Gala Couples
2022 MET Gala Couples

Jamie McCarthy/Getty

Students at Otis College of Art and Design in Los Angeles received a generous graduation gift from Snapchat co-founder Evan Spiegel and his wife, model Miranda Kerr.

The school received a "significant donation" from the couple that "will allow for the repayment of the outstanding student debt of students in the graduating Class of 2022," Otis said in a statement.

The donation, made through the Spiegel Family Fund, is the largest single gift in the school's history.

"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, 31, and Kerr, 39, said in the statement.

"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 continued.

Students received the news during Otis College's 2022 commencement on Sunday (the big moment can be viewed here around the 3:23:00 mark).

RELATED: Miranda Kerr Jokes Ex Orlando Bloom Is Her 'Annoying Brother,' Says She Loves Katy Perry 'More'

Kerr, CEO of beauty brand KORA Organics, and Spiegel both received honorary degrees from the school during the ceremony. (Spiegel took classes at Otis while in high school and later graduated from Stanford University.)

"Otis is incredibly grateful for this historic gift from Miranda Kerr and Evan Spiegel, which will be life-changing for the Class of 2022 and their families," Charles Hirschhorn, President of Otis College, said.

According to the Los Angeles Times, approximately 285 students graduated from Otis this year.

RELATED: Katy Perry and Miranda Kerr Talk 'Unconditional Love' of Motherhood and Their 'Close' Relationship

"Student debt weighs heavily on our diverse and talented graduates. We hope this donation will provide much-deserved relief and empower them to pursue their aspirations and careers, pay this generosity forward, and become the next leaders of our community," Hirschhorn added.

Student loan debt surpassed $1.7 trillion in the U.S. in February 2021, Forbes reported.

RELATED VIDEO: Evan Spiegel Admires Wife Miranda Kerr's Co-Parenting with Ex Orlando Bloom: It's 'Very Different'

Spiegel, the CEO of Snap Inc., is worth more than $5.2 billion, according to the Bloomberg Billionaire's Index.