The former mayor of New York City, Michael Bloomberg, will donate $1.8 billion to Johns Hopkins University in order to financially support education for low and middle-income families, he said in a press release.
“America is at its best when we reward people based on the quality of their work, not the size of their pocketbook. Denying students entry to a college based on their ability to pay undermines equal opportunity. It perpetuates intergenerational poverty. And it strikes at the heart of the American dream: the idea that every person, from every community, has the chance to rise based on merit,” the press release said.
The Hill informs that the money will be devoted solely to financial aid for low and middle-income students and that the aim of the donation is to eliminate student loans in financial aid packages. Bloomberg himself noted that this would allow Hopkins “to offer more generous scholarships” and would “ease the burden of student debt for many graduates.”
He added that his donation would help make the American dream a reality for more young people.
This is not the first such donation to the school made by the former New York City mayor, who is himself a graduate from John Hopkins University. Namely, Bloomberg had already given the university $1.5 billion before this donation in an effort to make it need-blind. Currently, 44% of Johns Hopkins students graduate with some form of debt averaging $24,000, The Wall Street Journal writes.
The $1.8 billion gift is considered to be the largest ever donation to an academic institution. It is also part of Bloomberg’s $6.4 billion in cumulative charitable giving.
The former mayor, who is also an important Democratic donor, has said he is considering a run for president as a Democrat in 2020. He stressed he would make the decision about a possible run by February.
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