Michael Bloomberg Is Donating $1.8B to Johns Hopkins University To Ease The Burden Of Postgrad Debt

6 months ago

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The former New York mayor, Michael Bloomberg, announced his intention to make a donation of $1.8B to Johns Hopkins University. It is believed to be “the largest private sum given to a US college in the modern era.” Mr. Bloomberg chose to support student financial aid at the Baltimore college at Johns Hopkins University. The Typical Student team shares the details of this unprecedented affair.

 

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Bloomberg’s net worth is around $46.3B, according to Forbes. Most of the assets come from his confounding of the financial and media company. He is also known for being a philanthropist who has given away over $8.2B which includes donations to advocating for gun control and climate policies.

 

Donation Aims To Ease The Burden Of Postgrad Debt

 

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As told by Buzzfeed, the donation will be used to ensure the school is "forever need-blind." This means, any student with the requisite grades will be eligible to attend the school irrespective of their financial status.

According to Bloomberg’s announcement, “scholarship grants, rather than loans, should also help ease the burden of postgraduate debt.” The data provided by Johns Hopkins University, 44% of students graduate with some form of debt, with the average sum over $24.000.

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