Starting this fall, most students at Johns Hopkins’ medical school will attend tuition-free thanks to a $1 billion donation from billionaire Mike Bloomberg.
Driving the news: The generous gift is intended to address “twin challenges of declining levels of health and education,” Bloomberg said in a letter Monday.
The big picture: The donation will cover the full cost of tuition for medical students from families earning less than $300,000, Bloomberg Industries announced Monday.
It will also cover living expenses and other fees for students from families earning up to $175,000.
Currently, nearly two-thirds of medical students at the school qualify for financial aid. Johns Hopkins' medical students graduate with an average student loan debt of about $104,000.
The donation will also increase financial aid at some of the university's other graduate schools, including the schools of nursing and public health.
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I can’t help but wonder how quickly Johns Hopkins will increase tuition to burn through that donation by helping as few students as possible.