Michael Bloomberg Donates "Unprecedented" $1.8 Billion to Johns Hopkins

Michael Bloomberg is donating a whopping $1.8 billion to Johns Hopkins University in order to bolster financial aid provided to low- and middle-income students, the presumed presidential candidate announced Sunday.

The former New York City mayor’s contribution will be the largest ever to any education institution in the U.S., Time reported. It will allow the Baltimore, Maryland university to eliminate student loans in financial aid packages starting next fall, replacing them with scholarships that don’t have to be paid back.

I’m giving $1.8 billion to @JohnsHopkins for financial aid so admissions can be permanently need blind. I want to open the same door of opportunity that I had for generations of talented students, regardless of financial circumstances. https://t.co/zgyD7jDGfI

— Mike Bloomberg (@MikeBloomberg) November 18, 2018

“America is at its best when we reward people based on the quality of their work, not the size of their pocketbook,” Bloomberg said in a statement. “Denying students entry to a college based on their ability to pay undermines equal opportunity.”

Bloomberg’s extremely generous donation will also let the institution permanently commit to “need-blind admissions” —the ability to admit students based on their academics, regardless of whether or not they can afford their education.

“Hopkins has received a gift that is unprecedented and transformative,” University President Ronald Daniels said.