Bloomberg Philanthropies Donates $1 Billion to Cover Medical School Costs at Johns Hopkins University


New York, CNN — Bloomberg Philanthropies is donating $1 billion to make medical school free for the majority of students at Johns Hopkins University, joining a growing list of high-profile donors supporting tuition-free medical education nationwide.

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In Bloomberg Philanthropies’ annual report, Michael Bloomberg stated that this donation addresses two critical issues: declining health and declining education. Johns Hopkins announced on Monday that this gift will cover the full cost of attendance, including tuition and living expenses, for most medical students. Students from families earning less than $300,000 will be eligible, with living expenses covered for those from families earning under $175,000.

This is not the first instance of such generosity towards medical schools. In February, the Albert Einstein College of Medicine in New York received a $1 billion donation from former faculty member Dr. Ruth Gottesman, allowing it to offer free tuition. In 2018, NYU’s School of Medicine became the first top-10 medical school in the country to provide free tuition to all its students.

Bloomberg, an alumnus of Johns Hopkins, noted in his letter that life expectancy in the US remains below that of other countries since the Covid-19 pandemic. He also highlighted that remote schooling during the pandemic had a detrimental impact on education.

The high cost of medical school deters students from lower-income families from applying, Bloomberg pointed out. He stressed that addressing this “health crisis” should be a bipartisan effort.

A survey conducted in October by the Association of American Medical Colleges (AAMC) revealed that 70% of medical students who graduated in 2023 incurred some level of educational debt, with the average graduate owing more than $200,000. Bloomberg added that financial pressures lead many students to drop out or pursue more lucrative specialties instead of working in underserved fields and communities, contributing to a shortage of primary care doctors in the US.

In 2018, Bloomberg donated $1.8 billion to support undergraduate financial aid at Johns Hopkins University.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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