A $1 billion gift from Michael Bloomberg to Johns Hopkins University, announced on Monday, will allow most students at the university’s medical school to attend free of cost and will also increase financial aid for other students in the university’s schools of nursing and public health and other graduate programs.
Bloomberg Philanthropies, which oversees Mr. Bloomberg’s charitable efforts, said in a statement that the gift would ensure that “the most talented aspiring doctors representing the broadest range of socio-economic backgrounds will have the opportunity to graduate debt-free” from the university.
Starting with the fall semester, Johns Hopkins will offer free tuition for medical students from families that earn less than $300,000 annually, Bloomberg Philanthropies said. The university will also pay for living expenses and other fees for students from families earning up to $175,000.
Mr. Bloomberg, a former mayor of New York City and a graduate of Johns Hopkins, said in a statement that the high cost of medical school and graduate school “too often bars students from enrolling” at a crucial time when the United States faces a shortage of medical professionals.
“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,” Mr. Bloomberg said.
Other universities have also been able to waive tuition for medical students in recent years. Albert Einstein College of Medicine in the Bronx did so after Ruth Gottesman, a longtime professor there, made a $1 billion donation earlier this year. In 2023, Kenneth G. Langone, a billionaire financier and a founder of Home Depot, and his wife, Elaine Langone, made a $200 million donation to the N.Y.U. Long Island School of Medicine, making tuition free for medical students.
This is not the first large contribution to Johns Hopkins from Mr. Bloomberg, who routinely makes donations toward the arts, education, the environment and public health. Bloomberg Philanthropies made a $1.8 billion donation to the university in 2018 as part of an effort to ensure that undergraduate students would be accepted by the university regardless of their family’s income.
Ron Daniels, the president of Johns Hopkins University, said in a statement on Monday that “removing financial barriers to individual opportunity fuels excellence, innovation and discoveries that redound to the benefit of society.”
The new gift from Mr. Bloomberg will mean that nearly two-thirds of medical students who currently attend Johns Hopkins or who will enter programs at the university soon will be eligible for free tuition or both free tuition and living expenses, according to the university. Those who are eligible will soon receive updated financial aid packages.
José Luis Castro, the president and chief executive of Vital Strategies, a nonprofit public health organization, said on social media that the gift to Johns Hopkins was “transformational and inspiring” and that it would “help meet the growing need for doctors and public health professionals.”
