Provide Free Tuition for Future Doctors
Bloomberg Philanthropies announced a $1 billion donation to make medical school free for most students at Johns Hopkins University and increase financial aid for students at its nursing and public health schools.
This announcement came in Michael R. Bloomberg’s (JHU ’64) annual letter on philanthropy in the Bloomberg Philanthropies 2023-2024 Annual Report.
Currently, nearly two-thirds of Johns Hopkins medical students qualify for financial aid, with an average total student loan debt of about $104,000. Starting in fall 2024, Johns Hopkins will offer free tuition for medical students from families earning less than $300,000 a year, covering about 95% of Americans. Additionally, living expenses and fees will be covered for students from families earning less than $175,000 a year.
“As the U.S. faces a shortage of doctors, nurses, and public health professionals, the high cost of education often prevents students from enrolling,” said Mr. Bloomberg. “By reducing financial barriers, we can enable more students to pursue these essential careers.”
The donation is expected to reduce the average student loan debt for Johns Hopkins medical students to $60,279 by 2029, with most American families paying nothing. This initiative aims to ensure that talented aspiring doctors from diverse socio-economic backgrounds can graduate debt-free.
The gift will also increase financial aid for students at the School of Nursing and the Bloomberg School of Public Health, as well as for low and middle-income students pursuing graduate degrees in other Johns Hopkins schools, including the School of Education, Whiting School of Engineering, Carey School of Business, School of Advanced International Studies, Krieger School of Arts and Sciences, Peabody Institute, and the upcoming School of Government and Policy.
This donation follows Bloomberg Philanthropies’ 2018 contribution of $1.8 billion to Johns Hopkins to support need-blind admissions, which significantly lowered the net cost of attendance and increased economic diversity among students.
Last year, Michael Bloomberg donated over $3 billion to charity, making him one of the top American philanthropists.