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Bloomberg Philanthropies donates $1 billion to Johns Hopkins University School of Medicine and other institutions

By Michelle Chapman, business writer at AP

Bloomberg Philanthropies is donating $1 billion to make medical school at Johns Hopkins University free for the majority of students there.

Starting this fall, the donation will cover the full cost of tuition for medical students from families with incomes of less than $300,000. For students from families with incomes of up to $175,000, living expenses and tuition will be covered.

According to Bloomberg Philanthropies, nearly two-thirds of all students pursuing an MD at Johns Hopkins University are currently eligible for financial aid, and future doctors graduate with an average student loan debt of around $104,000.

The gift will reduce the average student loan debt at the Johns Hopkins School of Medicine to $60,279 by 2029, while students from the vast majority of American families will pay nothing at all, it said.

The donation will also increase financial support for students in the university’s schools of nursing, public health and other graduate schools.

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“By removing the financial barriers to these important fields, we can give more students the opportunity to pursue careers that excite them – and enable them to help more families and communities that need it most,” Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, said in a statement Monday. Bloomberg received a bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.

Bloomberg Philanthropies donated $1.8 billion to John Hopkins in 2018 to ensure that students are accepted into the university regardless of their family income.

In February, Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and the widow of a Wall Street investor, announced that she would donate $1 billion to the university. The donation means fourth-year students will immediately be granted tuition relief, while everyone else will benefit in the fall.

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