Many students have to take out student loans in order to go to college, which puts a heavy burden of debt on them once they graduate.
Yaritza Velazquez-Medina is one of those students, who went to Otis College of Art and Design in Los Angeles to pursue her dream in graphic design. But like most students, she racked up nearly $70,000 in debt in order to get her degree.
Many of her classmates also had tens of thousands of dollars of debt, but little did they know, they were about to receive the surprise of a lifetime.
Yaritza Velazquez-Medina and 284 other graduates in the Class of 2022 had their debt completely paid off by Snapchat co-founder Evan Spiegel and his wife, Miranda Kerr.
During their graduation ceremony, Otis president Charles Hirschhorn announced the great news while their jaws dropped and they hugged and cheered.
Spiegel’s generous donation of more than $10 million is the largest donation in the school’s history.
Otis will always have a special place in Spiegel’s heart because he took summer classes there while he was in high school. He went on to attend Stanford University and eventually co-founded the popular app, Snapchat, making him the world’s youngest billionaire in 2015.
Spiegel and his wife have since founded the Spiegel Family Fund, where they can give back to the artistic community.
“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,” Spiegel said at the ceremony.
Watch the heartwarming moment that the students find out they are debt-free in the video below:Whizzco