A graduating class at the Otis College of Art and Design just experienced some surprise student loan cancellation after Snapchat co-founder Evan Spiegel and model Miranda Kerr made a massive difference.
Although there are no shortage of financial issues that can make life in the United States difficult, one that’s become a hot-button political issue in recent years concerns the massive and often high-interest loans students have to take out to see their education through.
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Considering how insurmountable this debt can often seem, we’ve seen a growing number of parents advise their children away from college altogether and various attempts at legislation to lessen this debt burden on certain groups.
But unless some wealthy philanthropist surprises an entire graduating class with a sudden end to their problems, those who face this challenge after graduation are often left with few if any satisfying options.
However, that’s exactly what just went down for about 285 Los Angeles students.
For the students pursuing their artistic dreams at the Otis College of Art and Design, May 15 started as an exciting but bittersweet day.
Because while students like fashion design graduate Farhan Fallahifiroozi considered this an important accomplishment and a great step to becoming the artists they aspire to be, it was only made possible by racking up between $60,000 and $70,000 in student debt .
As Fallahifiroozi told the Los Angeles Times , “My mom was crying. They were so worried about it for me.”
And his problem is a national one as Forbes reported that student debt reached a record number of $1.7 trillion.
And while they mulled this over, the graduates in attendance took in a ceremony that featured commencement speeches from Snapchat co-founder Evan Spiegel and model Miranda Kerr.
Spiegel had taken some summer classes at Otis while in high school before meeting his fellow Snapchat co-founders at Stanford and considered the experience formative for him.
As he put it in his speech, “It changed my life and made me feel at home. I felt pushed and challenged to grow surrounded by super talented artists and designers, and we were all in it together.”
Upon his return, he and Kerr were also awarded honorary degrees.
But the couple and co-founders of the Spiegel Family Fund weren’t just there as successful speakers. They were there to give all 285 graduates a better start to their professional lives than any of them would have expected.
Because after the students crossed the stage and received their diplomas, they learned that all of their student loans were suddenly paid off thanks to the largest donation their school has received in its 104 years of operation.
Although the college’s president Charles Hirschhorn didn’t disclose how much money Spiegel and Kerr donated, he did share that the previous record was set by a $10 million donation.
And once Hirschhorn broke the news about what Speigel and Kerr had done, the Westin Los Angeles Airport Hotel erupted into gasps and cheers.
As we can see, it was an intensely emotional moment for the students as some cried, some hugged, and some jumped for joy.
For budding graphic designer Yaritza Velazquez-Medina, it means the $70,000 that her education cost her is no longer hanging over head. This left her speechless as tears streamed from her eyes.
As for Fallahifiroozi, it was hard to overcome his disbelief that his $60,000 debt was suddenly gone in an instant.
In his words, “I had so much debt. If it’s really all gone, it puts me so much ahead.”
The sentiment was echoed by Hope Mackey, who already has a job at Mattell lined up to start designing toys.
As they said, “I immediately burst into tears. It’s insane. I can’t believe this is actually happening.”
h/t: Los Angeles Times
