A $1 billion gift from Michael Bloomberg to Johns Hopkins University announced Monday will provide free tuition to most students at the university’s medical school and increase financial aid for other students in the university’s nursing, public health and other graduate programs.
Bloomberg Philanthropies, which oversees Mr. Bloomberg’s charitable efforts, said in a rack that the gift would ensure that “the most talented, ambitious physicians, representing the broadest range of socioeconomic backgrounds, will have the opportunity to graduate debt-free” from the university.
Starting in the fall semester, Johns Hopkins will offer free tuition to medical students from families earning less than $300,000 a year, according to Bloomberg Philanthropies. The university will also pay living expenses and other costs for students from families earning up to $175,000.
Mr. Bloomberg, a former mayor of New York City and a graduate of Johns Hopkins, said in a statement that the high costs of medical school and graduate school “too often deter students from enrolling” at a crucial time when the United States is facing a shortage of medical professionals.
“By lowering the financial barriers to these essential fields, we can give more students the freedom to pursue careers they are passionate about and enable them to serve more families and communities that need them most,” Mr. Bloomberg said.
Other universities have also been able to waive tuition for medical students in recent years. Albert Einstein College of Medicine in the Bronx did so after Ruth Gottesman, a longtime professor there, made a $1 billion donation earlier this year. In 2023, Kenneth G. Langone, a billionaire financier and founder of Home Depot, and his wife Elaine Langone made a $200 Million Donation to NYU Long Island School of Medicinemaking tuition free for medical students.
This is not the first major contribution to Johns Hopkins from Mr. Bloomberg, who routinely donates to the arts, education, the environment and public health. Bloomberg Philanthropies made a $1.8 billion donation to the university in 2018 as part of an effort to ensure that undergraduate students are accepted by the university regardless of their family income.
Ron Daniels, the president of Johns Hopkins University, said in a rack on Monday that “removing financial barriers to individual opportunity stimulates excellence, innovation and discovery that benefit society.”
Mr. Bloomberg’s new gift means that nearly two-thirds of medical students currently attending or soon to attend Johns Hopkins will be eligible for free tuition or both free tuition and living expenses, the university said. Those who qualify will receive updated financial aid packages soon.
José Luis Castro, president and CEO of Vital Strategies, a public health nonprofit, said on social media that the gift to Johns Hopkins was “transformative and inspiring” and that it “would help meet the growing need for physicians and public health professionals.”
