Most Johns Hopkins Medical Students Will Be Tuition-Free Thanks to $1 Billion Gift

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Most medical students at Johns Hopkins University will no longer have to pay tuition thanks to a $1 billion gift from Michael Bloomberg.

Starting in the fall, the donation will cover full tuition for medical students from families earning less than $300,000.

Living expenses and fees will be covered for students from families who earn up to $175,000.

Bloomberg received a bachelor's degree in electrical engineering from Johns Hopkins in 1964.

Bloomberg Philanthropies said that currently almost two-thirds of all students seeking a doctor of medicine degree from Johns Hopkins qualify for financial aid, and 45% of the current class will also receive living expenses.

The school estimates that graduates' average total loans will decrease from $104,000 currently to $60,279 by 2029.

"Mike has really been moved by the challenges that the professions confronted during the course of the pandemic and the heroic efforts they've made to protecting and providing care to American citizens during the pandemic," Ron Daniels, president of Johns Hopkins University, tells CNBC.

"I think he simply wanted to recognize the importance of these fields and provide this support to ensure that the best and brightest could attend medical school and the school of nursing and public health."

Bloomberg Philanthropies previously gifted $1.8 billion to Johns Hopkins in 2018 to ensure that undergraduate students are accepted regardless of their family's

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