Landmark Donation: $ 1 Billion Gift For Medical Students by Bloomberg

Stress-Free Studies: As John Hopkins University Gets $1 Billion Donation For Medicos

Thanks to an unprecedented $1 billion donation by Bloomberg Philanthropies to Johns Hopkins University, the medical school at this university will now be free for the majority of students; this enormous donation has the potential to completely transform medical education and will make it accessible while also guaranteeing that student’s aspirations are not dashed by financial constraints.

A letter included in the Annual report of  Bloomberg Philanthropies mentioned that this donation will tackle two issues on priority, one is deteriorating health, and the other is the decline in quality education as stated by billionaire Michael Bloomberg. John Hopkins University announced that this enormous contribution will pay for the majority of medical students' living and tuition costs. For availing the prize money the family income of the student’s family should be under $ 300,000 and for students with family incomes under $175,000 living expenses will also be reimbursed.

Dr.Ruth Gottesman donated $1 billion, and the former faculty member of The Albert Einstein College of Medicine in New York gave free tuition to its students in February. In 2018, NYU's School of Medicine became the first top 10 medical school in the nation to offer free tuition to accepted students. Bloomberg, a former mayor of New York City and alumnus of Johns Hopkins, wrote in a letter that the COVID-19 pandemic hurt public education and that the high cost of medical school discourages students from lower-class backgrounds from applying. According to a poll conducted in October by the Association of American Medical Colleges, 70% of medical students who will graduate in 2023 will owe money on their education. It costs almost a debt of $ 200,000 for an average medical school graduate to complete their studies according to AAMC.

Bloomberg points out that many matriculating students finally drop out of school due to a lack of finances. To Pay off their loans, graduates frequently work for more lucrative specializations rather than in fields and towns that are most in need. There is a lack of primary care physicians in the US, which is raising concerns in healthcare services.

They have previously contributed $1.8 billion to Johns Hopkins University's undergraduate financial aid program in 2018. The donations for such a noble cause will surely have a long-lasting impact, leading to more doctors serving in underserved areas and improving the quality of the healthcare system.

Editor’s Note: 

Donations are just not about the money, it's beyond that, it's a promise of a better world, the gift of opportunity, and a hope for a brighter future. The generous amount of money donated to the prestigious university will surely have a revolutionary impact on medical education and the healthcare system. This donation not only opens the path for medical students to study without any financial constraints but also motivates them to serve mankind wholeheartedly. This historic donation is a powerful illustration of how purposeful giving may bring about a long-lasting, significant impact. Skoobuzz is inspired by this noble deed and hopes that other donors will follow suit to serve mankind.