Michael Bloomberg’s $1bn gift made Johns Hopkins medical school tuition-free

For many students, getting into medical school is only the beginning of a much bigger financial challenge. Tuition, accommodation and everyday expenses can make years of professional training difficult to afford. In July 2024, Bloomberg Philanthropies announced a $1 billion gift to Johns Hopkins University to help ease that burden. According to Johns Hopkins University President Ron Daniels’ official announcement, the donation expanded financial aid across graduate programmes, with a major change for medical students: those from families earning less than $300,000 a year became eligible for free tuition, while students from families earning up to $175,000 could receive support for both tuition and living expenses.A donation aimed at reducing the cost of higher educationThe gift came from Bloomberg Philanthropies, founded by Michael R. Bloomberg, who graduated from Johns Hopkins in 1964 with a degree in electrical engineering.