Snap CEO and co-founder Evan Spiegel hands out the ultimate graduation gift to the 285 graduates of the Otis College of Art and Design in Los Angeles.

The nonprofit — located in the Westchester neighborhood of Los Angeles near LAX — said in an announcement on Sunday that Spiegel, along with his wife, KORA Organics CEO Miranda Kerr, had made a significant donation which, according to the school, will report the entire class of Student Loan Debt of 2022.

“Otis College is extremely grateful for this historic, life-changing gift from Miranda Kerr and Evan Spiegel for the Class of 2022 and their families,” said Charles Hirschhorn, President of Otis College of Art and Design. “Student debt weighs heavily on our diverse and talented graduates. We hope this donation will bring them much-needed relief and enable them to pursue their aspirations and careers, further this generosity, and become the next leaders of our community.

Spiegel and Kerr added, “Otis College of Art and Design is an extraordinary institution that encourages young creatives to find their artistic voice and thrive in a variety of industries and careers.”

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“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” , said the philanthropic couple.

Although the amount of Spiegel and Kerr’s donation was not disclosed, Otis College said the gesture topped its largest offering, surpassing the previous record of $10 million. The generous donation was made through the Spiegel Family Fund.

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Spiegel had taken summer school at Otis in high school before embarking on his graduate studies at Stanford University, where he created the social media app with two former Cardinal classmates.

“It changed my life and made me feel at home,” Spiegel told the promotion, according to the Los Angeles Times. “I felt pushed and challenged growing up surrounded by super talented artists and designers, and we were all in it together.”

President Joe Biden told a news conference late last month that he was considering writing off “some” student loan debt.

“I’m not looking at a $50,000 debt relief, but I’m seriously considering whether or not there will be additional debt relief,” Biden said.

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During his presidential campaign, Biden supported writing off $10,000 in student debt for most borrowers, but raised questions about his legal authority to do so by executive order. At a press briefing last week, press secretary Jen Psaki said an income cap for student loan forgiveness was under consideration.

Biden extended the student loan repayment freeze until August 31, citing the COVID-19 pandemic.

Evan Spiegel – whose net worth is valued at $6.5 billion – and his wife, KORA Organics CEO Miranda Kerr, have made a sizable donation that the Otis College of Art and Design says will repay all of the student loan debt graduating class of 2022. (AP Newsroom)

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Meanwhile, more than 43 million Americans owe the federal government $1.6 trillion — an average of $37,000 per person — which is the largest share of consumer debt in the United States after mortgages. , reported the Times.

Kelsey Koberg of Fox Business contributed to this report.