Michael Bloomberg's $1 billion gift to Johns Hopkins University announced Monday will provide free tuition for most medical school students and increase scholarships for students in the school of nursing, public health and other graduate programs.
Bloomberg Philanthropies, which oversees Bloomberg's philanthropic efforts, said in a statement that the donation will ensure “the most talented aspiring physicians from a wide range of socio-economic backgrounds have the opportunity to graduate from college debt-free.”
Starting this fall, Johns Hopkins University will offer free tuition to medical students from families earning less than $300,000 a year, according to Bloomberg Philanthropies. The university will also cover living and other expenses for students from families earning up to $175,000 a year.
Bloomberg, a former New York City mayor and Johns Hopkins University graduate, said in a statement that the high cost of medical and graduate school “too often deters students from enrolling” at a critical time when the United States faces a shortage of health care workers.
“By reducing financial barriers to these important fields, we will empower more students to pursue careers they are passionate about and better serve the families and communities that need them most,” Bloomberg said.
Other schools have also been able to waive tuition for medical students in recent years. Albert Einstein College of Medicine in the Bronx waived tuition after longtime professor Ruth Gottesman donated $1 billion to the school earlier this year. In 2023, billionaire investor and Home Depot founder Kenneth G. Langone and his wife, Elaine Langone, donated $200 million to New York University's Long Island School of Medicine, making tuition free for medical students.
This is not Bloomberg's first big donation to Johns Hopkins, as he regularly donates to the arts, education, environment and public health: Bloomberg Philanthropies gave $1.8 billion to the university in 2018 as part of an effort to ensure that undergraduates are accepted into the university regardless of their family income.
“Removing financial barriers to individual opportunity fosters excellence, innovation and discovery that benefit society,” Johns Hopkins University President Ron Daniels said in a statement Monday.
Johns Hopkins said that with Bloomberg's new donation, about two-thirds of medical students currently attending or soon to be enrolled in its programs will be eligible for free tuition or free tuition and living expenses. Eligible students will receive updated scholarship packages in the coming days.
José Luis Castro, president and CEO of the nonprofit public health organization Vital Strategies, said on social media that the donation to Johns Hopkins is “transformative and inspiring” and will “help meet the growing demand for physicians and public health professionals.”
