Starting in the fall, the donation will cover full tuition for medical students from families earning less than $300,000.
MICHELLE CHAPMAN and THALIA BEATYBloomberg Philanthropies is gifting $1 billion to make medical school free for the majority of students at Johns Hopkins University.
Bloomberg Philanthropies said that currently almost two-thirds of all students seeking a doctor of medicine degree from Johns Hopkins qualify for financial aid, and 45% of the current class will also receive living expenses. The school estimates that graduates' average total loans will decrease from $104,000 currently to $60,279 by 2029.
The gift will go to John Hopkins' endowment and every penny will go directly to students, said Ron Daniels, president of Johns Hopkins University. Johns Hopkins will be the latest medical school to offer free tuition to most or all of their medical students. Other medical schools, like UCLA's David Geffen School of Medicine, offer merit-based scholarships thanks to some $146 million in donations from the recording industry mogul, David Geffen. The Cleveland Clinic Lerner College of Medicine has also offered tuition-free education for medical students since 2008.
Bloomberg granted Meharry Medical College $34 million in 2020 as part of a $100 million gift he made to four Black medical schools to help reduce the debt of their medical students for four years.
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