Billionaire Michael Bloomberg, former mayor of New York City, donated one billion dollars to Johns Hopkins University, which will make medical school free for students under a certain income level and also increase financial aid for students in nursing and public health graduate programs.
Bloomberg, a 1964 graduate of Johns Hopkins, addressed the donation in the Bloomberg Philanthropies annual report, stating that he hopes the donation will encourage more young people to follow their dreams without being burdened by crushing debt.
“As the U.S. struggles to recover from a disturbing decline in life expectancy, our country faces a serious shortage of doctors, nurses, and public health professionals — and yet, the high cost of medical, nursing, and graduate school too often bars students from enrolling,” Bloomberg wrote. “By reducing the financial barriers to these essential fields, we can free more students to pursue careers they’re passionate about — and enable them to serve more of the families and communities who need them the most.”
Tuition at Johns Hopkins normally costs students $65,000 a year, but now medical students whose families earn less than $300,000 a year won’t have to pay a dime. Students coming from families who earn up to $175,000 a year will have their living expenses covered as well.
The median debt from medical school for the class of 2023 was $200,000, according to the Association of American Medical Colleges.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
“Extraordinary talent resides in every community and with people of all socioeconomic backgrounds, yet the destructive burden of debt has long been a barrier to pursuing a medical education,” wrote Ron Daniels, Johns Hopkins University president. “This barrier is particularly daunting for students from low-income and middle-class families, who are too often dissuaded from even considering a career in medicine or research.”
“By reducing financial obstacles to individual opportunity, we can open our doors more widely than ever and fuel the excellence, innovation, and discoveries that redound to the benefit not only of the students but of society as a whole,” he added.