On May 12, 2022, Snap CEO and co-founder Evan Spiegel and his wife Miranda Kerr, founder of beauty brand KORA Organics, delivered an astonishing message to the graduating class of Otis College of Art and Design in Los Angeles: Through a private donation to the school, the couple would be paying off the entire student loan debt of all 285 graduates.
Neither the college nor Spiegel disclosed the exact dollar amount donated, but the college said it was the largest single gift it ever received, surpassing the previous record of $10 million. In California alone, over 3.8 million student loan borrowers collectively owe nearly $150 billion. The total U.S. student loan debt stands at $1.76 trillion.
