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The Times of India
The Times of India
World
TOI World Desk

The $1.8 billion pivot: How Michael Bloomberg’s historic gift rewrote the rules of college access

A good example of a headline that does not lose relevance many years after being published would be one that came out in 2018 regarding Michael Bloomberg's donation of $1.8 billion to Johns Hopkins University, his alma mater. The press release from the university declared that the sum was the biggest-ever contribution received by any learning institution in American history. But behind this impressive number, the story was unfolding in the unassuming lives of prospective students who had yet even to apply.

The sheer size of the donation was staggering, but what gave it historical significance was its intended use. Bloomberg did not set aside the money for building another stadium or creating another high-tech research facility. Rather, the billionaire philanthropist chose to focus on overcoming the one obstacle that prevents young people from moving up the social ladder in America – the price of entry. As mentioned in the official press release in the Johns Hopkins University President's Message, the endowment was intended for use in undergraduate scholarships alone. The donation enabled the institution to embrace the idea of need-blind admissions forever.

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