Starting in the fall, the gift will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families who earn up to $175,000.

Bloomberg Philanthropies said that currently almost two-thirds of all students seeking an M.D. from Johns Hopkins qualify for financial aid, and future doctors graduate from the university with an average total student loan debt of approximately $104,000.

The gift will also increase financial aid for students at the university’s schools of nursing, public health, and other graduate schools.

“By reducing the financial barriers to these essential fields, we can free more students to pursue careers they’re passionate about – and enable them to serve more of the families and communities who need them the most,” Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, said in a statement on Monday. Bloomberg received a Bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.

Bloomberg Philanthropies previously gifted $1.8 billion to Johns Hopkins in 2018 to ensure that undergraduate students are accepted regardless of their family’s income.

Johns Hopkins will be the latest medical school to offer free tuition to most or all of their medical students.

In February Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and the widow of a Wall Street investor, announced that she was donating $1 billion to the school. The gift meant that four-year students immediately received free tuition and all other students will be offered free tuition in the fall.

In 2018, Kenneth and Elaine Langone gave $100 million to the NYU Grossman School of Medicine to make tuition free for all current and future medical students through an endowment fund. The couple gave a second gift of $200 million in 2023 to the NYU Grossman Long Island School of Medicine to guarantee free tuition for all medical students. Kenneth Langone is a co-founder of Home Depot.

Other medical schools, like UCLA’s David Geffen School of Medicine, offer merit-based scholarships thanks to some $146 million in donations from the recording industry mogul, David Geffen. The Cleveland Clinic Lerner College of Medicine has also offered tuition-free education for medical students since 2008.

There have been only a handful of previous $1 billion donations to universities in the U.S., most coming in the past several years.

In 2022, the venture capitalist John Doerr and his wife, Ann, gave $1.1 billion to Stanford University for a new school focusing on climate change.

The small liberal arts school, McPherson College, in Kansas, has received two matching pledges since 2022 from an anonymous donor totaling $1 billion. The school, which has around 800 enrolled students, has a program for automotive restoration and is located about 57 miles north of Wichita, Kansas.

Bloomberg, the former New York mayor, gave $3 billion to charities in 2023, making him one of the largest donors, according to research by the Chronicle of Philanthropy.