Bloomberg’s $1.8 bn gift to Johns Hopkins to help poor students

Michael Rubens Bloomberg, above, former mayor of New York City and philanthropist, has donated $1.8 billion to his alma mater, Johns Hopkins University, to help students from low-income families with scholarships so as to avoid bank loans for their studies.

Students should not be denied entry to a college just because they do not have ability to pay. Such an approach denies opportunity for students to come up in life based on merit, said Bloomberg who may run for president in 2020.

The $1.5 billion donation will help fund various research and teaching programmes.

University President Ronald Daniels described Bloomberg’s donation as unprecedented and transformative since high achieving students will be ensured college admission regardless of their ability to pay for their education.

The School of Public Health at Hopkins is named after the big donor who graduated in electrical engineering from the university in 1964.

Bloomberg recently donated $100 million for the democratic bid to take back Congress and millions of dollars more for tougher gun laws.

Before taking the political plunge, Bloomberg founded the global finances services and media company, Bloomberg LP, which fetched him millions.