Michael Bloomberg is using his sizable fortune to help more young people pursue higher education.
In an op-ed for the New York Times published on Monday, the former New York City mayor — who is reportedly eyeing the Oval Office — announced that he had donated $1.8 billion to Johns Hopkins University.
The donation, which is the largest-ever contribution made to any educational institution, will exclusively be used to provide financial aid to undergraduate students at Bloomberg’s alma mater, according to a press release from the university.
“America is at its best when we reward people based on the quality of their work, not the size of their pocketbook,” Bloomberg, a billionaire himself, wrote in the op-ed. “Denying students entry to a college based on their ability to pay undermines equal opportunity. It perpetuates intergenerational poverty. And it strikes at the heart of the American dream: the idea that every person, from every community, has the chance to rise based on merit.”
“Now, I want to be sure the school that gave me a chance will be able to permanently open that same door of opportunity for generations of talented students, regardless of their ability to pay,” the 76-year-old added. “ It will allow the school to offer more generous scholarships. It will ease the burden of student debt for many graduates. And it will help open up the American dream to more young people.”