The largest ever single donation to an American college or university has been gifted to John Hopkins University by former New York City Mayor Michael Bloomberg. His $1.8 billion contribution is going to be directly used to make higher education more accessible to students from all backgrounds regardless of how much money they have.
This massive sum will be used to fund undergraduate financial aid allowing more students from underprivileged backgrounds and middle-class families the ability to get an education. The university plans on giving relief to all of their financial aid dependent students in 2019 by replacing their loans with scholarships. Doesn't that sound amazing? This will enable students to attend school without worry and allow students from lower socio-economic upbringings the opportunity to attend college that is still unequal in 2018.
John Hopkins University has continuously struggled to keep up their financial aid funding and is considered to be low funded compared to similar schools. The school announced the historic donation with a press release that was published along with an op-ed Bloomberg wrote for the New York Times explaining his contribution.
Bloomberg expanded on his stance to make education affordable and accessible to all. He wrote, "Denying students entry to a college based on their ability to pay undermines equal opportunity. It perpetuates intergenerational poverty."
Bloomberg is a 1964 graduate of the university and this isn't his first donation to his alma mater. His first donation was a mere $5 that he gave shortly after his graduation. Bloomberg has now given $3.35 billion in total to John Hopkins University and has made the most donations by any individual to a U.S. university. After earning his electrical engineering degree, Bloomberg attended Harvard business school. He then started a company that provided quick and high-quality business information for large corporations regarding wall street. This idea made him the 11th richest person in the world.
Bloomberg went on to become the mayor of New York City for three terms from 2002-2013. As you can tell, he focuses on philanthropy and other business ventures now. This is a seriously impressive donation and we can't imagine how those Hopkins students are feeling.
A $1 billion boost in financial aid will be able to help an enormous amount of students for a long time. We bet they're applications to enroll go way up! What do you think of Bloomberg's dedication to his alma mater? Let us know in the comments!