Medical School is Now Free for Most Students at this Top University After a $1 Billion Donation

Bloomberg Philanthropies has announced a transformative $1 billion donation to Johns Hopkins University, making medical school free for the majority of its students. This significant contribution aims to address the dual challenges of declining public health and education.

Michael Bloomberg, founder of Bloomberg Philanthropies and an alumnus of Johns Hopkins, highlighted the purpose behind the donation in the foundation’s annual report. “The donation addresses twin challenges: declining health and declining education,” Bloomberg wrote.

Johns Hopkins University stated on Monday that the gift will cover the full cost of attendance, including tuition and living expenses, for most medical students. Eligibility for this financial support will be determined by family income, with students from families earning less than $300,000 qualifying for the tuition aid. Additionally, living expenses will be fully covered for those from families earning less than $175,000.

This initiative follows similar philanthropic efforts at other institutions. In February, the Albert Einstein College of Medicine in New York received a $1 billion donation from former faculty member Dr. Ruth Gottesman, enabling it to offer free tuition. In 2018, NYU’s School of Medicine became the first medical school in the U.S. to provide free tuition to all accepted students.

Bloomberg emphasized the urgency of addressing the health crisis in the U.S., noting that life expectancy has not kept pace with other countries since the Covid-19 pandemic. He also pointed out the detrimental impact of remote schooling on public education during the pandemic.

“The high cost of medical school deters students from lower-income families from applying,” Bloomberg said, adding that many students drop out due to financial pressures. Those who graduate often choose higher-paying specialties to repay their debts, rather than working in fields and communities that need them the most. He called for bipartisan efforts to confront this “health crisis.”

A survey by the Association of American Medical Colleges in October revealed that 70% of medical students who graduated in 2023 had accumulated some level of educational debt, with the average graduate owing more than $200,000.

This latest donation is not Bloomberg’s first major contribution to Johns Hopkins University. In 2018, he donated $1.8 billion to support undergraduate financial aid.

The donation marks a significant step toward making medical education more accessible and affordable, potentially transforming the future of healthcare in the U.S. by enabling more students to pursue careers in medicine without the burden of overwhelming debt.