Words by Smiley Team
The student debt total in the United States has recently climbed past $1.75 trillion. That number is larger than the GDP of all but nine countries in the world.
Due to the Covid-19 pandemic, student loan repayments have been on hold since March 2020, with an extension leading into August 2022. What will come of the student loans is up in the air with some calling for student debt cancelation and others looking to uphold the debt.
With this uncertainty, some have taken student debt into their own hands, like messaging app Snapchat co-founder, Evan Spiegel.
During the commencement ceremonies, the 2022 graduating class of Otis College of Art and Design in Los Angeles found out that their student debt would be completely covered by Spiegel. Spiegel took summer classes at Otis in high school, and as a result, felt compelled to help out students.
“It changed my life and made me feel at home,” Spiegel told the graduating class during a speech. “I felt pushed and challenged to grow surrounded by super talented artists and designers, and we were all in it together.”
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Spiegel made his riches with Snapchat, which he created with two others while at Stanford. When the app blew up it made him the youngest billionaire ever.
The donation is the largest in the school’s history and will cover the debt of all 285 graduates. The donation will be done through his and his wife Miranda Kerr’s organization the Spiegel Family Fund.
“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 and Kerr said in a statement through their organization.
SUPPORT OTHERS: You can check out the Debt Collective. They’re an organization that looks to help alleviate the stress of debt in many aspects of life, including student debt.
