Most medical students at Johns Hopkins University will no longer pay tuition thanks to a $1 billion gift from Bloomberg Philanthropies
A sign stands in front of part of the Johns Hopkins Hospital complex, July 8, 2014, in Baltimore. . Starting in the fall, the gift announced Monday, July 8, 2024 will cover full tuition for medical students from families earning less than $300,000. announced Monday.
Bloomberg Philanthropies said that currently 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. “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 on Monday.Bloomberg Philanthropies previously gifted $1.8 billion to Johns Hopkins in 2018 to ensure that undergraduate students are accepted regardless of their family’s income.
In 2018, Kenneth and Elaine Langone gave $100 million to the NYU Grossman School of Medicine to make tuition free for all current and future medical students through an endowment fund. The couple gave a second gift of $200 million in 2023 to the NYU Grossman Long Island School of Medicine to guarantee free tuition for all medical students. Kenneth Langone is a co-founder of Home Depot.
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