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.

Comments

USA your education system is broken

[johnjones]

if you cant admit students regardless of their ability to pay otherwise known as NORMAL

Re:USA your education system is broken

[PopeRatzo]

Sorry, we're not interested in socialism.

The data suggests otherwise.

Re:USA your education system is broken

[alvinrod]

You're welcome to go work for the college at a reduced rate so that they can lower their costs. I'm guessing that whatever company you work for admits or maintains customers on the basis of their ability to pay.

The line from the summary indicating that "Currently, 44% of Johns Hopkins students graduate with some form of debt averaging $24,000" which assuming that it's saying the other 56% graduate with no debt at all, would suggest that students who attend that college graduate with significantly less debt on average than students at most other universities.

If the U.S. education system is broken it is precisely because it will gladly loan anyone money to go to college regardless of their likelihood of being successful there, the ability for their degree to allow them to earn a living or pay back their loan, or any other sensible metric. Given the surprising number of college students who cannot even pass the high-school level math courses necessary to take college algebra, I suspect that these loans are being given to people who have no real understanding of compound interest or who have given any thoughts as to how their degree might enable a career. It is morally reprehensible to shackle young people with a debt that they cannot discharge through bankruptcy.

Re: USA your education system is broken

[Anonymous Coward]

Except you have socialism? How ignorant are you?

Also itâ(TM)s implemented so poorly that you spend way more than other nations for way less.

Re:USA your education system is broken

[JaredOfEuropa]

Why I mentioned Soros? The guy bet against the UK Pound, then dumped assloads of that currency to get it to tank... he made about a billion dollars in that little stunt. Enough for me to question his motives when he meddles in EU politics. The Kochs are probably as bad (perhaps worse) but they get plenty of negative press (in mainstream publications, not just crackpot blogs), and there's plenty of commentary on what they are doing. In contrast, everybody seems to love Soros. EU politicians decry the US practice of rich people buying political influence, but they'd kill for a lunch date with Soros. He does have lunch with the top EU dogs... behind closed doors, and who knows what is being discussed there. I can well understand why Hungary wants to curb his influence in that country and shut down his education and "free press" initiatives. And no, the guy being Jewish has fuck all to do with all that. Nor the fact that he's left leaning. I don't trust his motives, but he is not the only one with suspect motives or undue influence. What scares me about him is that there's zero pushback against his influence from the people who are usually very critical about whom they associate with.

Also, as a European, I care very little about Dems and Reps and who donates to them.

Re:USA your education system is broken

[Anonymous Coward]

Sorry, we're not interested in socialism.

The data suggests otherwise.

Haven't you socialists killed enough people? Nearly 100 million just in the last century. How many failures does it take before you "get it right"?

Its astounding to me that despite all the evidence of the amazing success of capitalism that people can still stand there stubbornly insisting they deserve other peoples money. Every single one of your arguments crumble to dust the second anyone asks, "How do you intend to pay for it?"

Name the "people" who have been killed by socialism? Now there's an argument that crumbles to dust.

Just for you and you alone: we're going to take away the highway system, airports, fire departments, schools, paved streets, police departments, etc., etc., etc. Somehow we manage to pay for those things – for the common good – with everyone's money.

Oh wait, you actually want those things? I guess it's okay in your book when they're the things you want. But when they're things you don't want, then you drag out your <<<socialism>>> boogeyman.

We've had socialism for a long time. You just don't want to see it.

Obvious next step?

[K. S. Kyosuke]

The school will now probably start charging higher tuition fees.

That's nice and all

[rsilvergun]

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.

The left figured that out ages ago

[rsilvergun]

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.