Bloomberg Philanthropies Gifts $1 Billion To Johns Hopkins University

Most medical students at Johns Hopkins University will no longer pay tuition thanks to a $1 billion gift from Bloomberg Philanthropies, Michelle Chapman and Thalia Beaty reported for the Associated Press (AP).

Bloomberg Philanthropies stated that almost two-thirds of all students seeking an M.D. from Johns Hopkins qualify for financial aid.

Starting in the fall, the gift will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families who earn up to $175,000.

Bloomberg Philanthropies stated that almost two-thirds of all students seeking an M.D. from Johns Hopkins qualify for financial aid, and future doctors graduate from the university with an average total student loan debt of approximately $104,000.

The gift will also increase financial aid for students at the university’s schools of nursing, public health, and other graduate schools.

“By reducing the financial barriers to these essential fields, we can free more students to pursue careers they’re passionate about – and enable them to serve more of the families and communities who need them the most,” Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, said in a statement.

Bloomberg received a Bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.