(TheConservativeTimes.org) – A one billion dollar gift from Bloomberg Philanthropies has been given to Johns Hopkins University, which means that most of the medical students at the college will no longer have to pay tuition.
The tuition will cover the full ride for medical students of families that earn less than three hundred thousand dollars. To continue on with that, the living expenses and fees will also be covered for families who earn up to one hundred and seventy-five thousand dollars annually. Bloomberg Philanthropies stated that two-thirds of all students going for a doctor of medical degree from Johns Hopkins qualify for financial aid.
The school estimates that the average of student loans will decrease from over one hundred thousand dollars to sixty thousand dollars by the end of the decade. The gifts will also contribute to financial aid increases for students who are going to nursing, public health, and other graduate schools.
Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, came out with a statement after issuing the funds. “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 President of Johns Hopkins University, Ron Daniels, said that every penny will go directly to students.
“I think he simply wanted to recognize the importance of these fields and provide this support to ensure that the best and brightest could attend medical school and the school of nursing and public health,” Daniels said in an interview when asked about Michael’s donation.
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