Organization to cover medical school expenses for eligible students at Johns Hopkins
NEW YORK, N.Y. (WISH) – Bloomberg Philanthropies has unveiled a groundbreaking initiative aimed at removing financial barriers for aspiring healthcare professionals.
On Tuesday, the philanthropic organization, led by Michael Bloomberg (a JHU ’64 graduate), announced a staggering $1 billion gift to his alma mater. This endowment is intended to:
- Eliminate Tuition Fees: Make medical school free for a majority of students at Johns Hopkins University.
- Enhance Financial Aid: Increase financial aid across Johns Hopkins’ schools of nursing, public health, and other graduate programs.
Currently, around two-thirds of all students seeking an M.D. from Johns Hopkins qualify for financial aid, and future doctors graduate from Hopkins with an average total student loan debt of approximately $104,000. Beginning in the fall of 2024, Johns Hopkins will offer:
- Free Tuition Eligibility: Medical students from families earning under $300,000 a year (representing 95 percent of all Americans).
- Living Expenses and Fees Coverage: For students from families earning up to $175,000 per year.
This initiative aims to bring the average student loan debt for the Johns Hopkins School of Medicine down to $60,279 by 2029, with many students from the vast majority of American families paying nothing at all. To further address recent declines in U.S. health, the gift will also increase financial aid for students at its School of Nursing and the Bloomberg School of Public Health.
The $1 billion gift marks one of the largest single donations to an educational institution in the United States.