Bloomberg Philanthropies is gifting $1 billion to make medical school free at Johns Hopkins University for a majority of students there. Starting in the fall, the gift will cover full tuition for medical students from families earning less than $300,000.
Bloomberg Philanthropies gifting $1 billion to medical school, others at John Hopkins University
Bloomberg Philanthropies is gifting $1 billion to make medical school free at Johns Hopkins University for a majority of students there.
Starting in the fall, the gift will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families who earn up to $175,000.
Bloomberg Philanthropies said that currently almost two-thirds of all students seeking an M.D. from Johns Hopkins qualify for financial aid, and future doctors graduate from the university with an average total student loan debt of approximately $104,000.
The gift will bring the average student loan debt for the Johns Hopkins School of Medicine down to $60,279 by 2029 while students from the vast majority of American families will pay nothing at all, it added.