The 108th Mayor of New York City, Michael R. Bloomberg, is donating $1.8 billion to his alma mater, Johns Hopkins University. The gift is slated for undergraduate financial aid.
Bloomberg Donates $1.8B To Johns Hopkins
Donation Is Largest Ever To Any Education Institution In The US
NEW YORK and BALTIMORE -- Michael R. Bloomberg and Johns Hopkins University announced an unprecedented $1.8 billion philanthropic commitment, representing the largest ever contribution to an academic institution in American history. The historic gift will be devoted exclusively to undergraduate financial aid at one of the world's leading education, research and patient care institutions, allowing Johns Hopkins University to permanently commit to need-blind admissions.
"America is at its best when we reward people based on the quality of their work, not the size of their pocketbook. Denying students entry to a college based on their ability to pay undermines equal opportunity. 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," said Bloomberg. "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. That will make admissions at Hopkins forever need blind. 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 is a 1964 graduate of Johns Hopkins, the founder of Bloomberg L.P. and Bloomberg Philanthropies, and the 108th Mayor of New York City. He also served as the Chairman of the Johns Hopkins University Board of Trustees from 1996 to 2002. Bloomberg's total lifetime giving to philanthropic efforts is $6.4 billion to date, which does not include this latest commitment.
SOURCE Bloomberg Philanthropies; Johns Hopkins University
Photo Courtesy of Johns Hopkins University’s Facebook page
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