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Bloomberg pledges 1.8B dollars to Johns Hopkins for need-based aid

Bloomberg pledges 1.8B dollars to Johns Hopkins for need-based aid

Posted November. 20, 2018 07:22,   

Updated November. 20, 2018 07:22


"When colleges review applications, all but a few consider a student’s ability to pay," wrote former New York Mayor Michael Bloomberg. "As a result, high-achieving applicants from low- and middle-income families are routinely denied seats that are saved for students whose families have deeper pockets. This hurts the son of a farmer in Nebraska as much as the daughter of a working mother in Detroit."  

The billionaire philanthropist wrote on Sunday (local time) to the New York Times about why he donates 1.8 billion dollars to his alma mater, Johns Hopkins University. His column harshly criticizes U.S. colleges’ unfair admission practice that prefers those rich.

Bloomberg said in a press release that he would donate the largest-ever amount of 1.8 billion dollars, among the donations made to U.S. educational institutions. He officially assigned the amount to scholarships and contributions to undergraduates.

Bloomberg explained about the donation, saying that he hoped that the school would open the door to the same opportunity he was given for other students after him. He added that he would take financial affordability out of the equation when it comes to college admission. He aims at making sure that Johns Hopkins University maintains the need blind policy that focuses on competence rather than on financial capabilities. Since his first 5-dollar donation upon graduation in 1964, the total donation has reached 3.3 billion dollars, or 3.72 trillion won, including the recent 1.8 billion dollars.

Yong Park parky@donga.com