Evan Spiegel, CEO of Snapchat, and his wife, Miranda Kerr, have repaid the entire student loan worth $ 10 million to 285 graduates of the Otis College of Art and Design in Los Angeles.
This makes it the highest donation in the history of the college, the Los Angeles Times reported.
Spiegel, the creator of the popular instant messaging app Snapchat, became the world’s youngest billionaire in 2015. He also took summer classes at Otis during high school.
Otis president Charles Hirschhorn gave the news to graduate students during the inauguration ceremony at the Westin Los Angeles Airport Hotel.
“We have one more gift for the class of 2022. We know that you and most of your family have shared the burden of student debt at a hefty price you paid for an exceptional Otis college education … so we are glad to announce that Evan and Miranda gave the biggest single gift in the history of Otis College through their Spiegel Family Fund, “said Charles Hirschhorn.
Spiegel and Kerr are founders of the Spiegel Family Fund. “The college is a wonderful institution that encourages young creatives to discover their artistic voices and to advance in a variety of industries and careers,” they said in a statement.
Snapchat CEO and Miranda Kerr, founder of the beauty brand Core, the college wanted to confer an honorary degree on the couple and offered them a grant after inviting them as their introductory speakers this year.
“Returning and supporting the 2022 class is a specialty for our family, and we hope that this gift will enable graduates to follow their passion, contribute to the world and inspire humanity for the coming year,” they say.
The grant comes at a time when more than 43 million Americans owe the federal government $ 1.6 trillion – an average of $ 37,000 per capita, making up the largest share of consumer debt in the United States since mortgages.
In the United States, student debt has risen over the past few decades due to rising college costs and low public funding.