Johns Hopkins University in Baltimore received a $1 billion donation from Bloomberg Philanthropies to make medical school tuition-free for students from families earning less than $300,000 annually. The policy change was set to take effect in fall 2024.
The gift covered tuition for medical students from families earning below $300,000 per year, a threshold representing 95% of Americans. Additionally, the school planned to cover living expenses and fees for students from families earning up to $175,000.
"Making medical and nursing school more affordable is a society-wide challenge, but individual schools — and donors — can help lead the way," stated Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP.
Prior to this donation, nearly two-thirds of Johns Hopkins medical students qualified for financial aid, with graduates carrying an average total loan debt of approximately $104,000. The foundation projected that the gift would reduce the average student loan debt for Johns Hopkins medical graduates to $60,279 by 2029, while most students from American families would pay nothing.
This donation aligned with Bloomberg Philanthropies' previous contributions to Johns Hopkins and recent efforts to strengthen the health care pipeline. In 2018, the foundation gifted $1.8 billion to ensure that undergraduate students were accepted regardless of family income. In 2024, Bloomberg Philanthropies invested $250 million in an initiative for health care-focused high schools in 10 rural and urban areas, partnering health systems and public schools to design curriculum and job placement pathways.
The gift to Johns Hopkins Medical School highlighted the ongoing challenge of medical education affordability. As of 2020, the average debt of graduating medical students in the United States was approximately $207,000.
References
- Johns Hopkins waives medical school tuition with $1B from Bloomberg. Becker's Hospital Review.