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Michael Bloomberg Donates Record $1.8 Billion To Johns Hopkins University; Donation Will Be Devoted Exclusively To Undergraduate Financial Aid (go.com)
Former New York City Mayor Michael Bloomberg is giving $1.8 billion to Johns Hopkins University. The gift is believed to be the largest ever to an academic institution. The money is earmarked for scholarships and grants for undergraduate students from low and middle-income families, Mr. Bloomberg, 76, said through a press release. The gift will enable Johns Hopkins to become one of just a handful of need-blind schools -- meaning students will be considered for admission regardless of their ability to pay. Currently, 44% of Johns Hopkins students graduate with some form of debt averaging $24,000. From a report: As a direct result of the endowment, Johns Hopkins will be able to permanently commit to "need-blind admissions," which will admit the highest-achieving students from all backgrounds, regardless of their ability to pay, according to the university. In addition, the Baltimore-based school will be able to offer no-loan financial aid packages, reduce contributions for families who qualify for financial aid, provide "comprehensive student support," and increase the enrollment of Pell grant eligible students, which will "build a more socioeconomically diverse student body," Johns Hopkins said in a statement. In an op-ed published in The New York Times, Bloomberg wrote: 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.
I was lucky: My father was a bookkeeper who never made more than $6,000 a year. But I was able to afford Johns Hopkins University through a National Defense student loan, and by holding down a job on campus. My Hopkins diploma opened up doors that otherwise would have been closed, and allowed me to live the American dream. I have always been grateful for that opportunity. I gave my first donation to Hopkins the year after I graduated: $5. It was all I could afford. Since then, I've given the school $1.5 billion to support research, teaching and financial aid.
I was lucky: My father was a bookkeeper who never made more than $6,000 a year. But I was able to afford Johns Hopkins University through a National Defense student loan, and by holding down a job on campus. My Hopkins diploma opened up doors that otherwise would have been closed, and allowed me to live the American dream. I have always been grateful for that opportunity. I gave my first donation to Hopkins the year after I graduated: $5. It was all I could afford. Since then, I've given the school $1.5 billion to support research, teaching and financial aid.
if you cant admit students regardless of their ability to pay otherwise known as NORMAL
The school will now probably start charging higher tuition fees.
Ezekiel 23:20
Now how about we restore the lost federal and state funding that was cut by this country's right wing politicians (from both parties, Yes, I'm calling out the Clinton Democrats here too)?
I like my schools to be independent, not begging for scraps from billionaires.
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...the 1.6 billion $ lottery
In usa just about any one can get a student loan even at schools like trump-u
Do we need admissions to be that blind?
What about somebody who gets 90% on their tests but their parents fund them and pay for a private tutor vs
A person who gets 80% on their tests but also works two jobs to cover living expenses and fees?
It's turtles all the way down.
Clinton Democrats OTOH did not.
Folks keep mixing up the right wing of the Democratic party with the left. They are not.
For example, Nancy Pelosi is not a member of the left. The actual left is currently trying to oust her from her speakership, and they tried to primary her but she had so much cash she buried her primary challenger.
Listen to Bernie. To Liz Warren. To Ro Khanna. They're the left, and they're trying to unite the working class for better pay, universal, guaranteed as a right healthcare, clean air and water and worker's rights.
You're right about the Clinton Democrats though. They behave like the GOP 90% of the time, so the only thing they've got to run on is phony social issues. Like the actual GOP all they've got is identity politics and fat sacks of cash from their donors. Don't fall for it. There's a real left, and they're the party of the working class.
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What stops Johns Hopkins from raising their tuition on incoming students by the interest on the endowment (or more)? This would leave students exactly where they were, which the market has proven it would bear. After all, they have to maintain their competitive position...
The article you linked to makes a terrible mistake in that it looks at funding per student instead of the overall cost. I'd suggest this article in the NY Times which does a good job of explaining the flaws in the reasoning in the article you've presented. I'd link to other articles, but you have a tendency of dismissing the source without bothering to read it so you get the Times, which if you could successfully dismiss as "right wing" would constitute such an amazing display of mental gymnastics that even the fucking Russian judge would have to give you a 10.