A $1 billion gift from Michael Bloomberg to Johns Hopkins University, announced Monday, will allow most students at the university’s medical school to attend for free and also increase financial aid for other students in the university’s schools of nursing and public health and other graduate programs.
Bloomberg Philanthropies, which oversees Mr. Bloomberg’s philanthropic efforts, said in a statement that the gift will ensure that “the most talented aspiring doctors representing the widest range of socioeconomic backgrounds have the opportunity to graduate debt-free” from the university.
Beginning in the fall semester, Johns Hopkins will offer free tuition for medical students from families earning less than $300,000 a year, Bloomberg Philanthropies reported. The university will also pay for living expenses and other fees for students from families earning up to $175,000.
Mr. Bloomberg, a former mayor of New York and a Johns Hopkins graduate, said in a statement that the high cost of medical school and graduate school “too often prevents students from enrolling” at a critical time when the United States faces a shortage medical professionals.
“By reducing financial barriers in these key areas, we can free more students to pursue the careers they love and enable them to serve more families and communities that need them most,” Mr. Bloomberg said.
Other universities have also been able to waive tuition fees for medical students in recent years. Albert Einstein College of Medicine in the Bronx did so after Ruth Gottesman, a longtime professor there, donated $1 billion earlier this year. In 2023, Kenneth G. Langone, a billionaire financier and founder of Home Depot, and his wife, Elaine Langone, donated $200 million to the NYU Long Island School of Medicine, making tuition free for medical students.
This is not the first major contribution to Johns Hopkins from Mr. Bloomberg, who regularly donates to the arts, education, the environment and public health. Bloomberg Philanthropies donated $1.8 billion to the university in 2018 as part of an effort to ensure that undergraduates are accepted by the university regardless of family income.
Ron Daniels, president of Johns Hopkins University, said in a statement Monday that “removing economic barriers to individual opportunity fuels excellence, innovation and breakthroughs that benefit society.”
The new gift from Mr. Bloomberg will mean that nearly two-thirds of medical students currently studying at Johns Hopkins or who will soon enter programs at the university will be eligible for free tuition or both free tuition and living expenses, according to the university. Those who qualify will receive updated financial aid packages soon.
Jose Luis Castro, president and CEO of Vital Strategies, a public health nonprofit, said on social media that the gift to Johns Hopkins was “transformative and inspiring” and would “help meet the growing need for physicians and public health. professionals.”
