July 8 (UPI) — A majority of medical school students at Johns Hopkins University will not have to pay tuition this fall after philanthropist Michael Bloomberg donated $1 billion to his alma mater.
Bloomberg Philanthropies announced the gift Monday, saying it will cover 100% of tuition for medical students, whose families earn less than $300,000, and will cover living expenses and fees for those students whose families earn up to $175,000.
“Student debt limits opportunity,” Bloomberg wrote Monday in a post on X.
“Bloomberg’s new gift will make Johns Hopkins medical school free for a majority of students and increase financial aid for students at other Hopkins graduate schools, as well.”
Bloomberg said he made the donation to address a decline in U.S. life expectancy following the COVID-19 pandemic.
“As the United States 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,” the former New York City mayor said Monday.
“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 most,” he added.
Bloomberg Philanthropies is working to address five major causes of declining life expectancy, including diet, environmental hazards, adolescent health, violence and drug addiction.
The donation will also increase financial aid for students at Johns Hopkins School of Nursing and the Bloomberg School of Public Health. Low- and middle-income students seeking graduate degrees in education, engineering, business, international studies, government and the arts will also see increased financial aid.
“This generous aid will help Johns Hopkins attract more of the nation’s brightest students to pursue fields that most inspire them, rather than ones that will best enable them to repay graduate school loans,” according to Bloomberg Philanthropies.
Bloomberg’s donation is not the first to cancel tuition for medical students. In 2018, New York University’s School of Medicine became the first of 10 medical schools across the country to offer free tuition to accepted students.
In February, students at the Albert Einstein College of Medicine in New York received free tuition from a $1 billion gift by former faculty member Dr. Ruth Gottesman.