The cost of going back to school to become a doctor is unattainable for most Americans, especially those who want to stay out of debt. This means that so many people who would be incredible, life-saving medical professionals are forced to choose another career path. This isn’t good for anyone, of course, which is why Michael Bloomberg is donating $1 billion to Johns Hopkins Medical School.
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But what will that impact look like for students? Starting in the fall, medical students from families who earn less than $300,000 will have their tuition covered in full. For those who earn less than $175,000, living expenses and fees will also be covered. How incredible is that!?
@todayshow Johns Hopkins medical school will be free for most students starting this fall, after alum #MichaelBloomberg made a $1 billion donation. #TODAYShow ♬ original sound – TODAY Show
According to Bloomberg Philanthropies, this donation will impact a huge portion of the school’s students. At the moment, nearly two-thirds of the Johns Hopkins’ student population qualifies for financial aid. Plus, 45% qualify for additional help with living expenses. As a result, average loans will decrease from $104,000 to $60,278 by 2029.
Michael Bloomberg Makes a Life-Changing $1 Billion Donation for Medical Students at Johns Hopkins University
“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,” Bloomberg says of his donation.
This isn’t the first time a medical school has received such a generous donation. Similarly, Ruth Gottesman donated $1 billion to the NYU Grossman School of Medicine, making tuition free for current and future students. This benefits the students, of course, but it also benefits their future patients and the communities they’ll call home!
“Mike has really been moved by the challenges that the professions confronted during the course of the pandemic … ” Ron Daniels, president of the school says. “I think he simply wanted to recognize the importance of these fields and provide this support to ensure that the best and brightest could attend medical school and the school of nursing and public health.”
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