The Johns Hopkins Hospital is located in Baltimore, Maryland on March 28, 2020.
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Most medical students at Johns Hopkins University will no longer pay tuition, thanks to a $1 billion donation announced Monday by Bloomberg Philanthropies.
Starting in the fall, the donation will cover full tuition for medical students from families earning less than $300,000. Students whose family income does not exceed $175,000 will receive living and incidental expenses.
Bloomberg Philanthropies said that nearly two-thirds of all students currently pursuing an MD degree at Johns Hopkins University are eligible for financial aid, and 45% of the current class will also receive living expenses. The school projects that by 2029, the average total loan amount for graduates will decrease from the current $104,000 to $60,279.
The donation will also increase financial aid for students in the university’s School of Nursing, School of Public Health and other graduate schools.
“By reducing financial barriers in these important fields, we can free more students to pursue the careers they love and empower them to work for more of the most important fields,” said Michael Bloomberg, founder of Bloomberg Philanthropies. Their family and community service is needed. Blumberg received a bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.
Johns Hopkins University President Ron Daniels said the gift will go to the Johns Hopkins University endowment and every penny will go directly to students.
“Mike was really moved by the challenges these professionals have faced during the pandemic and the heroic efforts they have made during the pandemic to protect and provide care to American citizens,” Daniels said in an interview. “I think he Just trying to recognize the importance of these areas and provide that support to ensure that the best and brightest get into medical schools and schools of nursing and public health.”
American philanthropist Michael Bloomberg speaks at the Earthshot Awards Innovation Camp on June 27, 2024 in London, England.
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Bloomberg Philanthropies previously donated $1.8 billion to Johns Hopkins University in 2018 to ensure undergraduate students are admitted regardless of family income.
Johns Hopkins University will become the latest medical school to offer free tuition to most or all medical students.
In February of this year, Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and the widow of a Wall Street investor, announced that she would donate $1 billion to the school. The gift means four-year students will receive free tuition immediately and all other students will receive free tuition in the fall.
In 2018, Kenneth Langone and Elaine Langone donated $100 million to NYU Grossman School of Medicine to provide funding through the endowment for all current and future medical students. Free tuition. The couple made a second gift of $200 million to NYU Grossman Long Island School of Medicine in 2023 to ensure free tuition for all medical students. Kenneth Langone is the co-founder of Home Depot.
Other medical schools, such as UCLA’s David Geffen School of Medicine, offer Merit-based scholarships. Cleveland Clinic Lerner College of Medicine has also provided free education to medical students since 2008.
Candice Chen, an associate professor at the George Washington University Milken School of Public Health, examines the social mission of medical schools and comments on recent presentations to Johns Hopkins University, New York University, and Albert Einstein The response was strong with major donations.
“I hate to say it, current medical schools, but they are doing a poor job of preparing primary care, mental health specialists, doctors who work and serve rural and underserved communities,” Chen said. For example, she would like to see this The gift goes to Meharry Medical College in Tennessee, a historically black school that educates many primary care physicians who work in underserved communities.
Previous $1 billion donations to U.S. universities have been small, with most given in the past few years.
In 2022, venture capitalist John Doerr and his wife Ann donated $1.1 billion to Stanford University to build a new school focused on climate change.
McPherson College in Kansas, a small liberal arts college, has received two matching gifts from an anonymous donor since 2022, totaling $1 billion. The school, which has about 800 students on campus and has an automotive restoration program, is located about 57 miles north of Wichita, Kansas.
Former New York Mayor Bloomberg donated $3 billion to charity in 2023, making him one of the largest donors, according to research by the Chronicle of Philanthropy.
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