Hundreds Of California Graduates See Debt Disappear Thanks To Celebrity Donors
Hundreds of graduates at a Los Angeles college walked out of their commencement ceremony debt-free on Sunday thanks to two celebrities’ donation.
Australian model and Kora Organics CEO Miranda Kerr made the massive donation along with her husband, Snap Inc. CEO Evan Spiegel, to 285 students at Otis College of Art and Design.
The donation came from the Spiegel Family Fund, a group with a “dedication to the arts, education, housing and human rights,” according to its website.
The donation, the largest in the institution’s history, helped rid the burden of “outstanding student debt” among graduates. It came the same day the institution presented both Kerr and Spiegel with honorary degrees, according to the college.
Charles Hirschhorn, president of Otis College, said the institution was “incredibly grateful” for the gift and the donation will help “empower” the graduating class.
It’s unclear how much the couple gave to Otis College. However, the move has already made a major impact on students’ lives.
Recent Otis College alum Yaritza Velazquez-Medina said she’s “racked up $70,000” in debt, the Los Angeles Times reported.
The couple, who married in 2017, have been generous with their money over the course of their relationship.
In 2020, Kerr discussed the “super important” causes the pair has taken on, including donations to the Black Visions Collective and Australian charities that aid bushfire relief, Australian news outlet Seven Network reported.
She mentioned “29 different” groups the pair helped in both her native country and the U.S.
“I think it’s really important to give back in any way that you can ― and even if you can’t financially give back, lend a physical hand or reach out to those who may need it,” Kerr told the news outlet in 2020.
“It’s been a challenging time for so many people.”
Spiegel, once the world’s youngest billionaire, is worth roughly $5 billion, according to Bloomberg.