Most of Johns Hopkins Medical School's tuition is covered by a $1 billion bequest.
Michael Bloomberg donated $1 billion to Johns Hopkins University via Bloomberg Philanthropies.
On Monday, a large number of Johns Hopkins University medical students, both present and prospective, learned that their tuition will shortly be waived.
Former New York mayor and business mogul Michael Bloomberg has donated $1 billion (£780 million) to help kids whose parents make less than $300,000 annually with their tuition.
The living expenses of those whose parents earn less than $175,000 will also be covered.
Approximately two thirds of current and prospective medical students at Maryland-based Johns Hopkins are impacted by the change.
The United States is experiencing a severe scarcity of physicians, nurses, and public health specialists as the nation attempts to bounce back from an unsettling drop in life expectancy," Mr. Bloomberg stated.
However, the exorbitant expense of attending graduate, medical, and nursing schools frequently prevents individuals from applying."
According to Johns Hopkins, the average student loan debt of its most recent medical school grads was more over $100,000.
Through his charitable organisation, Mr. Bloomberg has given a gift that will also expand the amount of financial aid accessible to students enrolled in other programmes, such as graduate programs in public health and nursing, education, engineering, and other fields.
"Removing financial barriers to individual opportunity fuels excellence, innovation, and discoveries that redound to the benefit of society," stated Ron Daniels, president of the institution.
Not only is this Mr. Bloomberg's alma mater, but this is not his first major gift to the university.
Bloomberg Philanthropies donated $1.8 billion in 2018 to help undergraduate students overcome financial barriers.
His latest donation comes after Kenneth Langone and his wife, Elaine, donated $200 million to the NYU Long Island School of Medicine in 2023, making tuition free for all medical students.
