Michael Bloomberg Donates $1.8 Billion To Johns Hopkins University

Krista Clark

Billionaire Michael Bloomberg is donating $1.8 billion to his alma mater, Johns Hopkins University. It's the largest contribution ever made to an education institution in the United States. The stated goal of the donation is to make it easier for low- and middle-income students to attend the college. It will be used as financial aid for undergraduate programs only. In a New York Times op-ed published Sunday, Bloomberg expressed his dismay at the fact that financial resources are an obstacle to higher education.

"No qualified high school student should ever be barred entrance to a college based on his or her family's bank account. Yet, it happens all the time."
"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."

ABC News reports that Johns Hopkins president Ronald J. Daniels commented on the significance of Bloomberg's latest donation.

"Our university was founded in 1876 by a visionary $7 million gift from the Baltimore merchant Johns Hopkins. When it was announced, it was the largest gift of its kind. It created America's first research university and changed the face of American higher education. With today's announcement of Mike Bloomberg's $1.8 billion investment in financial aid, history has repeated itself."