Johns Hopkins Receives $1 Billion from Bloomberg, Making Tuition Free for Most Medical Students

Many medical students attending Johns Hopkins will be able to receive free tuition thanks to the university receiving a $1 billion financial gift from Bloomberg

Published Time: 09.07.2024 - 16:31:04 Modified Time: 09.07.2024 - 16:31:04

Many medical students attending Johns Hopkins will be able to receive free tuition thanks to the university receiving a $1 billion financial gift from Bloomberg.

On Monday, July 8, Johns Hopkins University announced that Bloomberg Philanthropies had gifted them a hefty donation of $1 billion, something they called a "transformative" investment.

The university's news release came after the announcement was officially made in a letter from Bloomberg founder and Johns Hopkins 1964 alum, Michael Bloomberg.

The sum will ensure free tuition for medical students who are from families earning less than $300,000.

In addition to free tuition, students from families earning less than $175,000 will also have their living expenses covered. 

“Bloomberg Philanthropies today announced a new $1 billion gift to make medical school free at Johns Hopkins University for a majority of students, while also increasing financial aid for students at its schools of nursing, public health, and other graduate schools,” the statement from Bloomberg Philanthropies read. “The high cost of medical and nursing school has kept many talented lower-income students from enrolling, graduating, or working in the fields and communities most in need.”

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Bloomberg Philanthropies revealed that almost “two-thirds of all students seeking an M.D. from Johns Hopkins qualify for financial aid, -

” adding that people graduate from the university with an average student loan debt of around $104,000.

Financial aid will come into practice for students this fall and is expected to bring Johns Hopkins’ medical students’ average student loan debt to $60,279 by 2029, while students from most American families won’t pay anything at all, per the press release from Bloomberg Philanthropies.

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“As the U.S. 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,” Michael Bloomberg said in a statement. “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.”

This isn't the first time Bloomberg Philanthropies has donated to the university. In 2018, the organization donated $1.8 billion to Johns Hopkins to provide financial aid to undergraduate students at 82-year-old Bloomberg’s alma mater, per apress releasefrom the university.

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