Snapchat co-founder Evan Spiegel and his wife Miranda Kerr have paid the student debt for more than 200 students, the entire 2022 graduating class at the school, the Los Angeles Times reported.
— Otis College of Art and Design (@OtisCollege) May 16, 2022
Otis president Charles Hirschhorn made the announcement to the approximately 285 graduates, Forbes reported.
While Spiegel created the instant messaging app with two classmates from Stanford University, he attended summer classes at Otis while he was in high school.
“It changed my life and made me feel at home,” Spiegel said on Sunday, according to the Times. “I felt pushed and challenged to grow surrounded by super-talented artists and designers, and we were all in it together.”
“Otis College of Art and Design is an extraordinary institution that extraordinary institution that encourages young creatives to find their artistic voices and thrive in a variety of industries and careers,” the couple said, according to Forbes. “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.”
Spiegel and Kerr’s payment is the largest the century-old school has ever received. The largest in the past was $10 million, Forbes reported.
Annual tuition for the school, which was established in 1918 and has about 1,200 students each year, was $49,110 for the 2022-23 school year, with 92% of students on financial aid.
Students were in shock when they found out that their education was paid for.
Farhan Fallahifiroozi had taken on more than $60,000 in student loans that are now paid off.
“I had so much debt. If it’s really all gone, it puts me so much ahead,” Fallahifiroozi told the times. His mother was crying when news of the gift was announced, he said.
Spiegel and Kerr received honorary degrees from the arts school along with Bobby Berk, a design expert and a host of “Queer Eye,” Forbes reported.
I had the honor today of receiving a Doctorate of Fine Arts from @otiscollege, and the even bigger honor of sitting next to @evanspiegelsnap and @mirandakerr as they paid off the entire class of 2022’s student debt. What a beautiful moment watching the f… https://t.co/SEjdl3Bet4pic.twitter.com/sh7jXiJaEo
Through the years LOS ANGELES, CA - MAY 06: Model Miranda Kerr poses at the launch of Victoria's Secret's 'Heavenly Kiss' fragrance at the Victoria's Secret store at the Grove on May 6, 2008 in Los Angeles, California. (Photo by Charley Gallay/Getty Images) (Charley Gallay/Getty Images)
Through the years NEW YORK - NOVEMBER 19: Model Miranda Kerr walks the runway at the Victoria's Secret fashion show at The Armory on November 19, 2009 in New York City. (Photo by Jason Kempin/Getty Images) (Jason Kempin/Getty Images)
Through the years SYDNEY, AUSTRALIA - FEBRUARY 10: Model Miranda Kerr showcases designs by Thurley on the catwalk during the David Jones Autumn/Winter 2010 Fashion Launch at the Hordern Pavilion on February 10, 2010 in Sydney, Australia. (Photo by Graham Denholm/Getty Images) (Graham Denholm/Getty Images)
Through the years NEW YORK, NY - NOVEMBER 09: Miranda Kerr models the $2.5 million dollar bra on the runway during the 2011 Victoria's Secret Fashion Show at the Lexington Avenue Armory on November 9, 2011 in New York City. (Photo by Jamie McCarthy/Getty Images) (Jamie McCarthy/Getty Images)
Through the years MELBOURNE, AUSTRALIA - FEBRUARY 08: Model and David Jones Ambassador Miranda Kerr poses during a public fashion workshop at David Jones Burke Street on February 8, 2013 in Melbourne, Australia. (Photo by Graham Denholm/Getty Images for David Jones) (Graham Denholm)
Through the years HOLLYWOOD, CA - FEBRUARY 20: Actor Orlando Bloom (L) and Miranda Kerr attend Global Green USA's 10th Annual Pre-Oscar Party at Avalon on February 20, 2013 in Hollywood, California. (Photo by Alexandra Wyman/Getty Images for Global Green) (Alexandra Wyman/Getty Images for Global Green)
Through the years SYDNEY, AUSTRALIA - MAY 14: Miranda Kerr arrives for a Swarovski Gala Dinner at Bennelong Restaurant at the Sydney Opera House on May 14, 2014 in Sydney, Australia. (Photo by Lisa Maree Williams/Getty Images) (Lisa Maree Williams/Getty Images)
Through the years BEVERLY HILLS, CA - FEBRUARY 28: Model Miranda Kerr attends the 2016 Vanity Fair Oscar Party Hosted By Graydon Carter at the Wallis Annenberg Center for the Performing Arts on February 28, 2016 in Beverly Hills, California. (Photo by Pascal Le Segretain/Getty Images) (Pascal Le Segretain/Getty Images)
Through the years CULVER CITY, CA - NOVEMBER 12: Founder, Snapchat Evan Spiegel (L) and model Miranda Kerr attend the Fifth Annual Baby2Baby Gala, Presented By John Paul Mitchell Systems at 3LABS on November 12, 2016 in Culver City, California. (Photo by Tommaso Boddi/Getty Images for Baby2Baby) (Tommaso Boddi)
Through the years LOS ANGELES, CA - JANUARY 13: Supermodel Miranda Kerr attends 'Buick Super Bowl ad featuring the cascada and encore with football star Cam Newton and supermodel Miranda Kerr' on January 13, 2017 in Los Angeles, California. (Photo by Emma McIntyre/Getty Images for Buick) (Emma McIntyre)
Through the years NEW YORK, NY - MAY 01: Miranda Kerr attends the "Rei Kawakubo/Comme des Garcons: Art Of The In-Between" Costume Institute Gala at Metropolitan Museum of Art on May 1, 2017 in New York City. (Photo by Neilson Barnard/Getty Images) (Neilson Barnard/Getty Images)
Through the years LOS ANGELES, CALIFORNIA - NOVEMBER 29: Miranda Kerr attends the Launch of Pop Shops at The Grove on November 29, 2018 in Los Angeles, California. (Photo by Erik Voake/Getty Images for Caruso) (Erik Voake/Getty Images for Caruso)
Through the years BEVERLY HILLS, CALIFORNIA - JUNE 27: Miranda Kerr attends Louis Vuitton X Opening Cocktail on June 27, 2019 in Beverly Hills, California. (Photo by Matt Winkelmeyer/Getty Images for Louis Vuitton) (Matt Winkelmeyer/Getty Images for Louis Vuitton)
Through the years NEW YORK, NEW YORK - MAY 02: (L-R) Evan Spiegel and Miranda Kerr attend The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Dimitrios Kambouris/Getty Images for The Met Museum/Vogue) (Dimitrios Kambouris/Getty Images for The Met Museum/)
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Through the years SAN FRANCISCO, CA - SEPTEMBER 09: Evan Spiegel of Snapchat attends TechCruch Disrupt SF 2013 at San Francisco Design Center on September 9, 2013 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch) (Steve Jennings)
Through the years NEW YORK, NY - APRIL 29: (From L) Honorees Bobby Murphy and Evan Spiegel, Rupert Murdoch, and honoree David H. Koch attend the TIME 100 Gala, TIME's 100 most influential people in the world, at Jazz at Lincoln Center on April 29, 2014 in New York City. (Photo by Larry Busacca/Getty Images for TIME) (Larry Busacca)
Through the years SAN FRANCISCO, CA - OCTOBER 08: Snapchat CEO Evan Spiegel speaks onstage during "Disrupting Information and Communication" at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 8, 2014 in San Francisco, California. (Photo by Kimberly White/Getty Images for Vanity Fair) (Kimberly White/Getty Images for Vanity Fair)
Through the years SAN FRANCISCO, CA - OCTOBER 08: (L-R) VICE Co-Founder and CEO Shane Smith, Snapchat CEO Evan Spiegel and filmmaker George Lucas attend the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 8, 2014 in San Francisco, California. (Photo by Michael Kovac/Getty Images for Vanity Fair) (Michael Kovac/Getty Images for Vanity Fair)
Through the years CULVER CITY, CA - NOVEMBER 12: Founder, Snapchat Evan Spiegel (L) and model Miranda Kerr attend the Fifth Annual Baby2Baby Gala, Presented By John Paul Mitchell Systems at 3LABS on November 12, 2016 in Culver City, California. (Photo by Tommaso Boddi/Getty Images for Baby2Baby) (Tommaso Boddi)
Through the years NEW YORK, NY - MARCH 2: (L to ) Snapchat co-founders Bobby Murphy, chief technology officer of Snap Inc., and Evan Spiegel, chief executive officer of Snap Inc., prepare to ring the opening bell as Thomas Farley, president of the NYSE, looks on, March 2, 2017 in New York City. Snap Inc. priced its initial public offering at $17 a share on Wednesday and Snap shares will start trading on the New York Stock Exchange (NYSE) on Thursday. (Photo by Drew Angerer/Getty Images) (Drew Angerer/Getty Images)
Through the years NEW YORK, NY - DECEMBER 14: Snap Inc. Founder Evan Spiegel attends the Berggruen Prize Gala at the New York Public Library on December 14, 2017 in New York City. (Photo by Bryan Bedder/Getty Images for Berggruen Institute) (Bryan Bedder/Getty Images for Berggruen Insti)
Through the years LOS ANGELES, CALIFORNIA - APRIL 04: Snap Inc. VP, Product Jacob Andreou (L) and Co-Founder and CEO Evan Spiegel at the Snap Partner Summit at The Lot Studios on April 04, 2019 in West Hollywood, California. (Photo by Neilson Barnard/Getty Images for Snap Inc.) (Neilson Barnard/Getty Images for Snap Inc.)
Through the years SAN FRANCISCO, CALIFORNIA - OCTOBER 04: Snap Inc. co-founder and CEO Evan Spiegel speaks during the Disrupt SF 2019 conference at Moscone Center on October 04, 2019 in San Francisco, California. TechCrunch Disrupt puts the spotlight on revolutionary startups and innovators. The three-day conference features interviews with industry leading entrepreneurs, investors and hackers. TechCrunch Disrupt SF runs through October 4. (Photo by Justin Sullivan/Getty Images) (Justin Sullivan/Getty Images)
Through the years NEW YORK, NEW YORK - MAY 02: (L-R) Evan Spiegel and Miranda Kerr attend The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Mike Coppola/Getty Images) (MIKE COPPOLA/Getty Images)
Through the years BEVERLY HILLS, CALIFORNIA - MAY 04: Snap CEO Evan Spiegel and Miranda Kerr attend the Berggruen Prize Gala at Berggruen Hearst Estate on May 04, 2022 in Beverly Hills, California. (Photo by David Livingston/Getty Images) (David Livingston/Getty Images)