Otis College of Art and Design has received a significant donation that will allow for the payment of student loans of students in the graduating Class of 2022. The money comes from Snap Inc. CEO Evan Spiegel and his wife Miranda Kerr, KORA Organics CEO and model, through their philanthropic foundation, the Spiegel Family Fund. This is the largest single gift in the history of the school.

“Student debt weighs heavily on our diverse and talented graduates,” said Otis College of Art and Design President Charles Hirschhorn. “We hope this donation will provide much-deserved relief and empower them to pursue their aspirations and careers, pay this generosity forward, and become the next leaders of our community.”

The donation was announced during Otis College’s 2022 Commencement, where Spiegel, Kerr, and interior designer and Queer Eye host Bobby Berk received honorary degrees. Spiegel attended a high school summer program at Otis College when he was 15 prior to attending Stanford University. 

The donation will be used to establish two funds, one for the full repayment of graduates’ existing outstanding debt for loans certified by the school’s financial aid office, and one called the Alternative Loan Debt Repayment Fund, which will be used to make charitable gifts to students graduating with similar educational loans secured outside of Otis College. According to the school, 77% of its student body identify as students of color, and over 90% receive financial aid. 

“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 Spiegel and Kerr. “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.”