Michael Bloomberg gifts record $1.8B for financial aid at Johns Hopkins

Michael Bloomberg is donating $1.8 billion to support financial aid at Johns Hopkins University, the largest ever contribution to a U.S. academic institution.

The gift is Bloomberg’s latest to his alma mater, where the philanthropist and former mayor of New York has previously committed more than $1.5 billion.

The donation unveiled Sunday will solely be for financial aid to low- and middle-income undergraduate students at Hopkins. Bloomberg said the gift will make admissions at Hopkins forever need-blind, meaning applicants will be judged on their merits and not their ability to pay for tuition.

“It will allow the school to offer more generous scholarships. It will ease the burden of student debt for many graduates. And it will help open up the American dream to more young people,” Bloomberg, 76, said in a statement.

Hopkins President Ronald Daniels called Bloomberg’s gift “unprecedented.”

Hopkins will rank among the top 10 universities in per student financial aid support, with…

Read the full story from the Washington Business Journal.