Bloomberg's $1billion donation to Hopkins makes tuition free for most
Michael Bloomberg's philanthropic organization, Bloomberg Philanthropies, has donated $1 billion to Johns Hopkins University. Starting this fall semester, the donation will cover tuition for medical students from households earning less than $300,000 annually. Additionally, students from families with an income of less than $175,000 will have their tuition, fees and living expenses paid for. The university estimates that nearly two-thirds of its current and incoming medical students will benefit from this initiative.
Bloomberg addresses high cost of medical education
Bloomberg, a Johns Hopkins alumnus and co-founder of Bloomberg LP, voiced his concern over the high cost of medical education in the United States. He said it often deters students from enrolling. "As the US struggles to recover from a disturbing decline in life expectancy, our country faces a serious shortage of doctors, nurses, and public health professionals—and yet, the high cost of medical, nursing, and graduate school too often bars students from enrolling," he said.
Donation aims to alleviate student debt
The average debt for Johns Hopkins's medical school graduates was reported to be around $105,000 in the 2023-2024 school year. Bloomberg's donation aims to alleviate such financial burdens and encourage more students to pursue careers in medicine. The funds will also be used to expand financial aid for graduate students in various fields including public health and nursing, education, engineering, business, government and policy, arts and sciences and international studies.
Bloomberg's history of philanthropy at Johns Hopkins
This is not the first time Bloomberg has made a significant contribution to Johns Hopkins University. In 2018, he donated $1.8 billion for undergraduate financial aid. He also partnered with the school in 2021 for the Vivien Thomas Scholars Initiative, a program aimed at bringing historically underrepresented students into STEM (science, technology, engineering and mathematics) industries with a $150 million endowment.
