Bloomberg Philanthropies announced a $1 billion donation to Johns Hopkins University on July 12, 2024, targeting the expansion of need‑based aid across all graduate programmes. The University will use the funds to make medical school tuition free for students whose families earn less than $300 k, a threshold that covers roughly 95 % of American households.
Students qualifying under the $300 k limit will pay no tuition, while those from families earning up to $175 k will receive full tuition, fees and living‑expense support—covering about 85 % of U.S. families. The policy applies to both incoming and returning students and will be rolled out for the autumn 2024 cohort.
Beyond medicine, the pledge will fund scholarships in nursing, public health, engineering, education, business, arts and sciences, international studies and the Peabody Institute. The donation will cover need‑based scholarships and fully funded PhD fellowships, allowing students to pursue advanced research without incurring debt.
Michael R. Bloomberg, a 1964 Johns Hopkins electrical‑engineering graduate, has previously contributed $1.8 billion in 2018, a move that introduced debt‑free undergraduate aid. The new gift reflects his belief that financial barriers should not dictate career paths, especially in fields where monetary reward is secondary to societal impact.