Miranda Kerr and Evan Spiegel have paid the debts of a graduating class of students

Students received the news during the college's 2022 commencement on Sunday (15.05.22), where Miranda and Evan - who took some classes at Otis while in high school - also both received honorary degrees.

Charles Hirschhorn, President of Otis College, said: "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.

"Student debt weighs heavily on our diverse and talented graduates. We hope this donation will provide much-deserved relief and empower them to pursue their aspirations and careers, pay this generosity forward, and become the next leaders of our community."

The donation was the largest single gift in the history of the school, which reportedly had around 285 graduates this year.

Evan - who is worth more than $5.2 billion - and Miranda hailed it a "privilege" to help out the students.

They said in a statement: "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.

"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."

Miranda and Evan are parents to sons Hart, four, and Myles, two, together, while the 39-year-old model also has Flynn, 11, from her marriage to Orlando Bloom.