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Johns Hopkins University has received a $1 billion donation from alumnus Michael R. Bloomberg.
“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,” said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P. and the former mayor of New York City. “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.”
Bloomberg’s gift, through Bloomberg Philanthropies, is expected to help secure graduate financial aid at Johns Hopkins, meaning most medical students would be able to attend Hopkins for free and receive support for living expenses. It is also expected to improve access among low-income and middle-class families by providing financial aid for nursing, public health, and other graduate programs.
Specifically, the university will offer free tuition for students pursuing an M.D. who come from families earning under $300,000, starting this fall. It will cover living expenses on top of tuition and fees for medical students from families who earn up to $175,000.
Hopkins estimates that nearly two-thirds of the students currently seeking an M.D. from the university and matriculating this fall will qualify for either free tuition or free tuition plus living expenses. Eligible new and returning medical students will receive updated financial aid packages this summer that reflect the gift’s impact.