Bloomberg Philanthropies is gifting $1 billion to make medical school free at Johns Hopkins University for a majority of students there.
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 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 received a Bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.Bloomberg Philanthropies previously gifted $1.
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