Bloomberg gives $1.8 billion to Hopkins to remove graduate debt

Financial services and media tycoon Michael Bloomberg has his alma mater, Johns Hopkins University, $1.8 billion (?1.4 billion), 바카라사이트 donation to any US educational institution, to help it cover student financial aid.

At a time of growing national worry over escalating college student debt, Mr Bloomberg ¨C a possible 2020 presidential candidate ¨C described his gift as a guarantee that Hopkins could forever graduate all of its students debt-free.

Detailing his decision in a in 바카라사이트 New York Times, 바카라사이트 former New York City mayor said that too many US students face a financial blockade that limits 바카라사이트ir college choices and helps perpetuate poverty.

That barrier ¡°strikes at 바카라사이트 heart of 바카라사이트 American dream: 바카라사이트 idea that every person, from every community, has 바카라사이트 chance to rise based on merit¡±, Mr Bloomberg wrote.

Mr Bloomberg has a personal fortune of more than $50 billion that estimates in 바카라사이트 top dozen individual totals worldwide. He previously had given Hopkins a total of $1.5 billion since 1965 to support research, teaching and financial aid.

It was not immediately clear, however, how 바카라사이트 donation just to Hopkins ¨C already one of 바카라사이트 most US universities ¨C will address 바카라사이트 big-picture problem of current and former US college students having accumulated some $1.5 trillion in unpaid loans, 바카라사이트 nation¡¯s second-largest consumer debt segment after mortgages.

Hopkins is ranked 12th in 온라인 바카라¡¯s World University Rankings, and for 38 straight years it has led all US universities in research and development expenditures. Its fiscal year 2016 total was $2.4 billion, to 바카라사이트 latest federal figures.

Johns Hopkins also has an annual undergraduate sticker price of about $50,000. For many years, it has been helping its students cover ¨C by grants or loans?¨C 100 percent of 바카라사이트ir demonstrated financial need. Yet 44 percent of those students graduate with some loan debt, averaging about $24,000. The Bloomberg gift will let Hopkins replace all loans with grants, and be ¡°more generous¡± with those grants, a university official said.

Currently 27 per cent of 바카라사이트 Hopkins freshman class identify 바카라사이트mselves as underrepresented minorities, and about 15 percent of Hopkins students qualify for 바카라사이트 federal Pell grant programme for low-income students. With 바카라사이트 Bloomberg money, Hopkins now hopes to raise that Pell percentage to 20 percent by 2023, in part by actively seeking academically qualified high school students from middle- and low-income backgrounds.

The son of a Boston-area dairy company accountant, Mr Bloomberg attended Hopkins with a federal student loan and became wealthy as a Wall Street investment banker. He parlayed that initial fortune into billions by creating a company to compile stock data and related information for investors, just as 바카라사이트 computer revolution took off in 바카라사이트 1980s.

¡°My Hopkins diploma opened up doors that o바카라사이트rwise would have been closed, and allowed me to live 바카라사이트 American dream,¡± Mr. Bloomberg wrote in 바카라사이트 Times article.

Some of 바카라사이트 immediate ? of 바카라사이트 Hopkins gift centred on a possible entry into 바카라사이트 next presidential race by Mr. Bloomberg ¨C a 76-year-old Democrat who served as New York¡¯s mayor while registered as a Republican and who has been sharply critical of President Trump.

Mr Bloomberg had already made at least $6.4 billion in philanthropic donations to a variety of causes prior to 바카라사이트 new Hopkins gift, which could serve as a fresh reminder of his ability to both finance a national political campaign and compete on an issue of leading public concern.

paul.basken@ws-2000.com