(NewsNation) — Bloomberg Philanthropies announced a $1 billion gift today to make medical school free for a majority of students at Johns Hopkins University, according to a news release.
Nearly two-thirds of students seeking a medical degree from Johns Hopkins qualify for financial aid, and students usually graduate from Hopkins with an average of about $104,000 in student loan debt.
Beginning in the fall of 2024, Johns Hopkins will offer free tuition for medical students from families earning under $300,000 annually, which includes 95% of Americans. The university will also cover the living expenses of students from families who earn under $175,000, according to a university news release.
This will bring the average student loan debt for medical students at Johns Hopkins down to about $60,000 by 2029. Most American families will pay nothing at all.
Eligible returning students will receive updated financial aid packages that reflect the impact of this donation.
The gift will also increase financial aid at Johns Hopkins Schools of Nursing, School of Public Health and other graduate programs.
For most students, this will cover the cost of tuition and living expenses such as rent. Other expenses, such as textbooks and technology, have not been included in this gift.
