Former New York City Mayor Michael Bloomberg has donated $1.8 billion to Johns Hopkins University to assist students with financial aid. The donation is the largest individual gift ever made to a single university and is designed to allow the school to be need-blind and loan-free.
This is actually why these schools are some of the best in the world. Endowments and alumni help fund most of their research, which is key to technological innovation.
The funds will solely go toward undergraduate financial aid, allowing the Baltimore institution to commit to “needs-blind admissions,” meaning the highest-achieving students can be admitted regardless of their ability to pay. The gift marks a growing movement toward making elite universities accessible to all.
