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  • Writer's pictureRebecca Brando

Snapchat CEO Evan Spiegel Pays Off All Student Loans For OTIS College Graduates

By The Big Magazine Staff

Snapchat CEO Evan Spiegel is paying it forward to help with the student loan debt crisis.

Snapchat founder Evan Spiegel and his model wife Miranda Kerr have paid off the entire student debt belonging to 284 graduates at an art college in Los Angeles. Pictured: The couple are seen at at the Otis College of Art and Design commencement ceremonies

Spiegel, who co-founded Snapchat, has committed to paying off all student loans at Otis College of Art and Design for 285 graduates in the Class of 2022. Spiegel and his wife Miranda Kerr (KORA Organics) made a donation reportedly more than $10 million, through the Spiegel Family Fund. The exact total has not been publicly dislcosed.

The tech giant's donation is the largest to be received by Otis to date. The news was announced on Sunday by Otis President Charles Hirschhorn at the commencement ceremony at the Westin Los Angeles Airport Hotel.

The billonaire couple as well as Bobby Berk, design expert and Emmy-nominated TV host of “Queer Eye,” received honorary degrees at the ceremony.

Spiegel attended classes at Otis during high school before enrolling at Stanford.

“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 donation 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.

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