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

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.