Snap CEO Evan Spiegel, supermodel Miranda Kerr pay student loans for Otis College's graduating class

Otis College of Art and Design in Downtown LA's class of 2022 got the ultimate graduation gift — their student loans paid by off by Snapchat co-creator Evan Spiegel and his wife, supermodel Miranda Kerr.

Charles Hirschhorn, president of the Downtown LA art college, announced the gift as the single largest donation in the history of Otis College. The previous largest gift to the school was for $10 million.

"Otis is incredibly grateful for this historic gift from Miranda Kerr and Evan Spiegel, which will be life-changing for the Class of 2022 and their families," Hirschhorn said in a statement. "Student debt weights heavily on our diverse and talented graduates."

Spiegel, who created the popular instant messaging app with two former Stanford University classmates, took summer classes at Otis during high school. He and his wife made their donation after Hirschhorn invited them to be commencement speakers this year and told them he wanted to bestow honorary degrees on them.

In a statement, the couple said it was a privilege to give back and support the class of 2022.

"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.

"We hope this gift will empower graduates to pursue their passions, contribute to the world, and inspire humanity for years to come."