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Hundreds of California graduates see their debts disappear thanks to famous donors

Hundreds of Los Angeles college graduates walked out of their commencement ceremony debt-free on Sunday thanks to a donation from two celebrities.

Miranda Kerr, Australian model and CEO of Kora Organics, has made a massive donation with her husband, Snap Inc. CEO Evan Spiegel, to 285 students at the Otis College of Art and Design.

The donation came from the Spiegel Family Fund, a group “dedicated to the arts, education, housing and human rights,” according to its website.

The donation, the largest in the institution’s history, helped ease the burden of “unpaid student debt” among graduates. It happened the same day the institution awarded Kerr and Spiegel honorary degrees, according to the college.

Snapchat co-founder Evan Spiegel and his wife Miranda Kerr receive honorary degrees during the 2022 Otis College of Art and Design commencement ceremonies.

Robert Gauthier via Getty Images

Charles Hirschhorn, president of Otis College, said the institution was “incredibly grateful” for the gift and that the donation will help “empower” the class.

It’s unclear how much the couple gave to Otis College. However, the move has already had a major impact on students’ lives.

Yaritza Velazquez-Medina, a recent graduate of Otis College, said she had “racked up $70,000” in debt, the Los Angeles Times reported.

The couple, who married in 2017, have been generous with their money during their relationship.

Hundreds of California graduates see their debts disappear thanks to famous donors
The students present were impressed by the couple’s gift. The couple announced the donation at launch ceremonies for the Otis College of Art and Design.

Robert Gauthier via Getty Images

In 2020, Kerr discussed the “super important” causes the pair have taken up, including donations to the Black Visions Collective and Australian charities that help with bushfire relief, Australian news outlet Seven Network reported.

She mentioned ’29 different groups’ the pair have helped both in her home country and in the United States

“I think it’s really important to give back in whatever way you can — and even if you can’t give back financially, give a physical helping hand, or reach out to those who might be in need,” Kerr told the media in 2020.

“It’s been a tough time for so many people.”

Spiegel, once the world’s youngest billionaire, is worth around $5 billion, according to Bloomberg.

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