Politician and businessman Michael R. Bloomberg has made one of largest ever contributions to a single university in the country’s history.
The step was made public on Sunday, when Bloomberg announced donating $1.8 billion dollars to Johns Hopkins University to make receiving education at the school accessible and affordable for everyone.
The gift will be majorly utilized to provide financial aid to undergraduate students from low- and middle-income families. It will also allow the university to commit to a need-blind system of admission, where everyone will be enrolled in college on the basis of merit rather than their ability to pay.
“Denying students entry to a college based on their ability to pay undermines equal opportunity,” Bloomberg said. “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.
“Now, I want to be sure the school that gave me a chance will be able to permanently open that same door of opportunity for generations of talented students, regardless of their ability to pay. I am donating an additional $1.8 billion to Hopkins that will be used solely for financial aid to low and middle income students,” he added.
As a result of the donation, there will be a reduction in family contributions towards tuition, and students will be offered more no-loan financial aid packages, where they don’t have to worry about paying the amount back.