Nearly 300 graduates walked the stage, debt-free, thanks to Snapchat CEO, Evan Spiegel.
He and his wife Miranda Kerr announced they will off student loans for new graduates at the Otis College of Art and Design in Los Angeles.
Otis College, which is a nonprofit institution, said that the donation “is the largest single gift in the history of Otis College and will reduce student debt for emerging artists and designers and their families.”
The largest ever received before Spiegel and Kerr’s donation was $10 million.
The gift has been certified through the school’s financial aid office, leaders at Otis College said.
Spiegel attended Otis College before enrolling at Stanford University.
The Snapchat CEO, who became the world’s youngest billionaire in 2015, said Otis College changed his life.