Medical Students Will Soon be Able to Study Without Tuition
Many students dream of going to medical school. Now, these dreams can become a reality for students and prospective students at Johns Hopkins University thanks to a financial aid gift from Bloomberg Philanthropies.
This generous gift will allow many students to attend Jonas Hopkins without paying any tuition and living costs, according to a news release from the University and will expand financial aid for other medical students including nurses. This will allow students from all socioeconomic backgrounds to a career in healthcare..
The cost of higher education
The $1 billion donation was made to address two challenges; declining health after the pandemic and declining education. The high cost of tuition is making it difficult for many students to get a higher education, reported CNN.
An October 2023 survey from the Association of American Medical Colleges found that 70 percent of medical school students graduate with some level of education debt. The average graduate owes more than $200,000.
“Many who do matriculate end up dropping out because of financial pressures. And those who graduate often choose to work in the most lucrative specialties in order to repay their debts, rather than in fields and communities that are most in need,” Michael Bloomberg, the former mayor of new York, founder of Bloomberg LP, and a Johns Hopkins alumni. said in a letter that was part of the Bloomberg Philanthropies’ annual report. He added that there is an acute shortage of primary care physicians in the US.
What will the gift do?
Beginning in the fall of 2024, students whose families earn less than $300,000 will pay no tuition and students from families earning less than $175,000 will also have their living expenses paid, according to the news release.
The endowment, in addition to investing in doctors, will also support graduate programs at the Bloomberg School of Public Health and School of Nursing. It will also expand student aid in other programs.
This is not the first medical school to receive a large gift, reported CNN. In February 2024, students at the Albert Einstein School of Medicine received free tuition after a donation from former faculty member, Dr. Ruth Gottesman. In 2018, NYU began offering free tuition to medical students.
With the cost of education rising in the US, this is pricing so many out of attending colleges and universities, Bloomberg’s gift can make a big difference in the lives of so many young people.
