There was not a dry eye in the auditorium when it was revealed Miranda Kerr and her billionaire husband, Evan Spiegel, had paid off the student loans of every graduating student in the audience – to the amount of US$10 million (approx. $14 million).
The generous donation was announced at the Otis College of Art and Design graduation ceremony on Sunday evening, which was attended by the Aussie model and the Snapchat founder.
As the famous couple sat before the students on stage at the Westin Los Angeles Airport Hotel, college president Charles Hirschhorn announced the eye-watering donation to the students during the ceremony. Watch above.
“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,” Hirschhorn told the Class of 2022. “We understand that this debt can compromise your future and limit your creative ambitions. We do not want to see this happen.”
“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 pay your student loans,” he added to the applause and standing ovation of the crowd.
While Kerr, 39, and Speigel, 31, did not appear to give a speech at the ceremony, they did share the reason for their generous gift in a statement to the US Today Show.
“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 Kerr and Spiegel, who took summer classes at Otis as a teenager.
During the ceremony, the couple were also awarded Honorary Doctorate of Fine Arts degrees from the college.
“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.”
Hirschhorn also told the outlet that 77 per cent of Otis students are people of colour and more than 90 per cent took out student loans to fund their education.
Bobby Berk – star of Netflix hit Queer Eye – also received an Honorary Doctorate of Fine Arts degree that evening while sitting beside Kerr and Spiegel.
“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,” Berk wrote on Instagram.
“What a beautiful moment watching the faces of those students and families as it sunk in that they are not only walking away with a degree that they worked so hard to get, but also walking away debt free. Well done Evan and Miranda, we’ll done!
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