Otis College of Art and Design in Los Angeles has announced a commitment from the Spiegel Family Fund to repay the outstanding student debt of students in the graduating class of 2022. 

The gift from KORA Organics CEO Miranda Kerr and her husband, Snap Inc. CEO Evan Spiegel, is the largest single gift in the history of Otis College. Following the commencement ceremony, the newly graduated students received a letter outlining how the gift will help them pay back their educational loans borrowed during their time at Otis College that have been certified through its financial aid office. The gift also will establish the Alternative Loan Debt Repayment Fund, which the college will use to make charitable gifts to graduating students with similar educational loans secured outside of Otis College. 

Spiegel and Kerr were among the college’s honorary degree recipients this year. As a high school student, Spiegel took classes at Otis prior to enrolling at Stanford University.

“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,” said Spiegel and Kerr. “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.” 

(Photo credit: Getty Images/skodonnell)