Snapchat CEO pays student loan worth $10 million to over 250 new grads
Snapchat CEO Evan Spiegel and his wife Miranda Kerr have paid off the full $10 million worth of student debt for 285 graduates of the Otis College of Art and Design in Los Angeles.
That makes it the highest donation in college history, the Los Angeles Times reported.
Spiegel, the creator of popular instant messaging app Snapchat, became the world’s youngest billionaire in 2015. He also took summer classes at Otis while in high school.
Charles Hirschhorn, president of Otis, gave the news to graduating students during the graduation ceremony at the Westin Los Angeles Airport Hotel.
“We have one more gift for the Class of 2022. We know that most of you and your families have shared the burden of student debt at the high price you paid for an exceptional Otis college education…We are therefore pleased to announce that Evan and Miranda, through their Spiegel Family Fund, have made the largest donation in the history of Otis College,” said Charles Hirschhorn.
Spiegel and Kerr are the founders of the Spiegel Family Fund. “The college is an extraordinary institution that encourages young creatives to find their artistic voice and thrive in a variety of industries and careers,” they said in a statement.
The Snapchat CEO and Miranda Kerr, founder of beauty brand Kora, offered their donation after the college wanted to award the couple honorary degrees and invited them this year as rookie speakers.
“It is a privilege for our family to give back and support the Class of 2022, and we hope this gift will empower the graduates to pursue their passions, contribute to the world and inspire humanity for years to come” , they said.
The donation comes at a time when more than 43 million Americans owe the federal government $1.6 trillion, an average of $37,000 per person, representing the largest share of consumer debt in the United States. United after the mortgages.
In the United States, student loan debt has skyrocketed over the past few decades, due to rising college costs and declining government funding.