Bloomberg has given $1.8 billion to his alma mater with the idea that the school will never have to prevent a low-income student from entry again.
Johns Hopkins will be able to use the donation to increase the amount of grant money for low-income students, eliminate loans as financial aid and supply relief to current students who have federal loans, according to The Post.
The university will begin advertising that it will not consider applicants’ financial circumstances and that it will meet whatever financial needs an admitted student has without including loans in the aid package.
Ultimately, Bloomberg gave money to my own school (Princeton) to create a new dorm, which was fine (I lived there, it was pretty), but these sorts of donations are much more impactful. Hopefully future donors learn and move away from vanity projects and towards supporting students who need it.