The founder of Snapchat and his wife have paid off the entire student debt of 284 graduates at the Otis College of Art and Design in Los Angeles. Snapchat co-founder Evan Spiegel, who once took summer classes at the college, and his wife, Australian model Miranda Kerr, received honorary doctorates at the commencement ceremony. The donation, the largest single gift in the college's history, is worth about $10 million. Otis president Charles Hirschhorn said, "We want to empower your imagination, your creativity, and innovation." Spiegel, 31, became the world's youngest billionaire in 2015 with the creation of the popular instant messaging app, along with his former Stanford University classmates, Bobby Murphy and Reggie Brown. Kerr, a highly successful model, founded the award-winning beauty company, Kora. Their Spiegel Family Fund helps fund the arts, education, housing and human rights causes in Los Angeles.