Michael Bloomberg, former New York City mayor and CEO of Bloomberg L.P., has donated $1.8 billion to Johns Hopkins University (JHU) to increase financial assistance for low- and middle-income students. This is the largest donation to any education institution in the country.
The donation will be used to diminish student loans by offering scholarships that don’t have to be repaid, beginning fall 2019, according to Bloomberg L.P.
“America is at its best when we reward people based on the quality of their work, not the size of their pocketbook,” Bloomberg said in a statement. “Denying students entry to a college based on their ability to pay undermines equal opportunity.”
JHU president Dr. Ronald Daniels said that the gift will also allow the university to commit to “need-blind” admissions, meaning the practice of admitting the highest-achieving students, no matter what their financial situation for their education is.