Australian model Miranda Kerr and husband Evan Spiegel have paid off an entire class’s student loans in an absolutely legendary move from the billionaire couple.
The pair attended the graduation ceremony of the Otis College of Art and Design, where the announcement was made, ensuring there was not a dry eye in the building.
The donation was made through their fund, the Spiegel Family Fund and amounted to US$10 million (AU$14m).
College president Charles Hirschhorn made the announcement on stage at the Westin Los Angeles Airport Hotel.
He told 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.
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"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.”
Queue a standing ovation.
Spiegel, who co-founded Snapchat, took classes in design at the College when he was in high school.
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It all made sense to the couple to make the donation to the students, with their Spiegel Family Fund focused on arts, education, housing, and human rights.
The couple told 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.
"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."
What a graduation present.
According to 9Honey, 90 per cent of students had taken out loans to fund their education, while 77 per cent of students are people of colour.
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Kerr and Spiegel were also awarded Honorary Doctorates of Fine Arts during the ceremony, as was Bobby Berk from Queer Eye.
Berk commented on the couple’s donation on Instagram, saying: “What a beautiful moment watching the faces of those students and families as it sank 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, well done!”
Jayden Collins