Bloomberg Philanthropies to donate $1 billion to Johns Hopkins medical school and others

Bloomberg Philanthropies to donate $1 billion to Johns Hopkins medical school and others
Bloomberg Philanthropies to donate $1 billion to Johns Hopkins medical school and others

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Associated Press

Michelle Chapman and Thalia Beaty

Posted on July 08, 20242 minute read

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Most Johns Hopkins University medical students will no longer pay tuition thanks to a $1 billion donation from Bloomberg Philanthropies announced Monday.

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Beginning in the fall, the donation will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families earning up to $175,000.

Bloomberg Philanthropies said that currently nearly two-thirds of all students pursuing a PhD at Johns Hopkins qualify for financial aid, and future doctors graduate from the university with an average total student loan debt of about $104,000.

The donation will also increase financial aid for students in the university’s schools of nursing, public health and other graduate schools.

“By lowering financial barriers in these essential fields, we can free up more students to pursue careers they are passionate about and enable them to serve more families and communities that need them most,” Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, said in a statement Monday. Bloomberg received a bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.

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Bloomberg Philanthropies previously donated $1.8 billion to Johns Hopkins in 2018 to ensure that college students are accepted regardless of their family income.

Johns Hopkins will be the latest medical school to offer free tuition to most or all of its medical students.

In February, Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and widow of a Wall Street investor, announced she would donate $1 billion to the school. The gift meant that four-year students immediately received free tuition and all other students would be offered free tuition in the fall.

In 2018, Kenneth and Elaine Langone donated $100 million to NYU Grossman School of Medicine to make tuition free for all current and future medical students through an endowment fund. The couple made a second gift of $200 million in 2023 to NYU Grossman School of Medicine Long Island to ensure free tuition for all medical students. Kenneth Langone is a co-founder of Home Depot.

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Other medical schools, such as UCLA’s David Geffen School of Medicine, offer merit-based scholarships thanks to some $146 million in donations from recording industry mogul David Geffen. The Cleveland Clinic’s Lerner College of Medicine has also offered free tuition to medical students since 2008.

There have been only a handful of previous billion-dollar donations to U.S. universities, most in recent years.

In 2022, venture capitalist John Doerr and his wife, Ann, donated $1.1 billion to Stanford University for a new school focused on climate change.

The small liberal arts school McPherson College in Kansas has received two matching pledges beginning in 2022 from an anonymous donor totaling $1 billion. The school, which enrolls about 800 students, has an auto restoration program and is located about 57 miles north of Wichita, Kansas.

Former New York mayor Bloomberg donated $3 billion to charities in 2023, making him one of the largest donors, according to an investigation by the Chronicle of Philanthropy.

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