Miranda Kerr and her billionaire husband, Snapchat co-founder Evan Spiegel, paid off the entire student debt for recent graduates at an art school in Los Angeles, reports indicate.
The Los Angeles Times reported that Charles Hirschhorn, the president of the Otis College of Art and Design, announced the news at the Class of 2022's graduation ceremony on Sunday, May 15. Evan, who once took summer classes at the college, and his model wife were on hand when graduates learned the superstar couple were taking care of the tab.
"We have one more gift for the class of 2022. We know that for most of you, and your families, the shared burden of student debt is a heavy price that you paid for an exceptional Otis college education," President Hirschhorn said. "We understand that this debt can compromise your future and limit your creative ambitions. We do not want to see this happen. We want to empower your imagination, your creativity, and innovation. As Evan mentioned in his remarks, you have the support of the entire Otis community – as well as Miranda and Evan."
He continued, "So we are pleased to announce today, that Evan and Miranda, through their Spiegel family fund, have made the largest single gift in the history of Otis college. Their gift will enable you to repay your student loans."
The donation — which is worth about $10 million — is reportedly the largest in the college's history.
As expected, students erupted in cheers upon hearing the news, and many of them cried.
Evan is reportedly worth $13.8 billion, and Miranda's net worth is estimated to be about $60 million.
After students learned the news, the Hollywood couple praised Otis in a statement, calling it "an extraordinary institution that encourages young creatives to find their artistic voices and thrive in a variety of industries and careers."
"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," the statement said.