Michael Bloomberg Gives $1.8 Billion To Financial Aid At Johns Hopkins University
“The donation is designed to make the private research university in Baltimore both need blind and loan-free. ‘Need-blind’ means the school will no longer take financial need into account during the admissions process, instead focusing solely on the merit of the applicant. ‘Loan-free’ means the school will no longer package loans in their financial aid award letters, replacing that money with scholarships that don’t need to be paid back.”