Evan Spiegel and Miranda Kerr repay student loans for Otis College promotion

Snap co-founder Evan Spiegel and his model and entrepreneur wife Miranda Kerr repay student loans for the class of 2022 from the Otis College of Art and Design.

“We know that for most of you and your families, the shared burden of student debt is a heavy price you pay for an exceptional Otis education,” Otis College President Charles Hirschhorn told reporters. students of the Sunday ceremony. “We understand that this debt can jeopardize your future and limit your creative ambitions. We don’t want that to happen.”

He goes on to announce that the school has received “the greatest gift in the history of Otis College” through their Spiegel Family Fund.

“Their donation will allow you to pay off your student loans,” he said, to cheers and a standing ovation.

Hirschhorn said TODAY Parents that 77% of Otis students are people of color and more than 90% have student loans. “Everyone is trying to process what’s going on,” Hirschhorn told TODAY. “It’s absolutely joyful.”

Spiegel became a billionaire at 25, according to Forbesand his net worth is around $5 billion.

“I can confirm that this is an extraordinarily talented Class of 2022,” Spiegel said during his speech. “This honor is particularly meaningful to me because Otis has played such an important role in my life as a designer.”

Spiegel remembers attending a high school summer program at Otis College when he was 15. He said the program was difficult, with harsh reviews, but ultimately made him a better designer.

He also reminded graduates that they have the power to create a better future as they leave college.

“We are surrounded in today’s society by zero-sum, win-lose thinking…worried that one person’s success may limit our own opportunity, ignoring the immense arc of progress that has doubled the ‘Global average life expectancy over the past 100 years has more than doubled America’s real GDP since I was born,” he said. “Imagine what’s possible in the next 100 years if we dare to create a better future. “

At the end of his speech, Spiegel congratulated the promotion and said he knew they would “do amazing things.”

Garland K. Long