Aspiring physicians and medical professionals eyeing Johns Hopkins University may now have a smoother path to their dream education, courtesy of a $1 billion contribution from Michael Bloomberg.
Beginning this fall, Johns Hopkins will use the funds to launch a scholarship program covering full tuition for medical students from families earning under $300,000 annually, with additional support for living expenses and fees for students from families earning $175,000 or less.
Tuition at Johns Hopkins is approximately $65,000 annually for four years, with total attendance costs, including expenses and fees, estimated to exceed $102,000 in the first year alone. The school anticipates a substantial decrease in average total student loans, projected to drop from the current $104,000 to $60,279 by 2029.
Bloomberg Philanthropies reported that nearly two-thirds of medical students at Johns Hopkins are eligible for financial assistance. Among the current class, 45% will also receive support for living expenses.
A significant portion of the contribution will enhance financial aid opportunities for nursing, public health, and other graduate students.
The gift, directed to Johns Hopkins’ endowment, ensures that every dollar directly benefits students, and builds onto Bloomberg’s 2018 gift that expanded financial aid for undergraduates from low- and moderate-income backgrounds at Johns Hopkins.
“The high cost of medical, nursing, and graduate school too often bars students from enrolling,” Bloomberg, who earned bachelor’s degree from the university in 1964, said in a statement on Monday. “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.”
The impact of tuition-free medical school programs remains under review. Following New York University’s implementation of tuition-free education, there was a notable increase in applications, particularly from underrepresented demographics.
