Former Mayor Bloomberg introduced Sunday that he’s donating a file reward to an educational establishment — $1.eight billion to his alma mater, Johns Hopkins College.

Bloomberg mentioned the boatload of cash will ease the monetary burden of low- and middle-income college students on the prestigious Baltimore college by eliminating their want for loans.

“America is at its finest after we reward individuals based mostly on the standard of their work, not the dimensions of their pocketbook,” the three-term mayor and potential 2020 presidential candidate mentioned in a press release. “Denying college students entry to a school based mostly on their capacity to pay undermines equal alternative.

“It perpetuates intergenerational poverty.

“And it strikes on the coronary heart of the American dream: The concept each particular person, from each group, has the prospect to rise based mostly on advantage,” Bloomberg mentioned.

The huge reward comes on prime of the $1.5 billion Bloomberg has given to Hopkins for quite a lot of different packages through the years, serving to to fund analysis, instructing packages and financial-aid efforts on the college, the place undergrad tuition alone runs round $54,000.

Its College of Public Well being is already named after the 76-year-old political philanthropist, who graduated from Hopkins in 1964 with a level in electrical engineering.

In response to Forbes, Bloomberg’s present web price is $46.three billion.

He not too long ago donated $100 million to 2018 Democratic efforts to take again Congress — which noticed the celebration reclaim the US Home of Representatives — and has donated hundreds of thousands of dollars extra to fight the Nationwide Rifle Affiliation, pushing for more durable gun legal guidelines throughout the nation.

Earlier than turning to politics, Bloomberg made his fortune at his eponymously named media and know-how conglomerate, which supplies high-speed pc terminals and information studies for Wall Road corporations.

Bloomberg introduced the $1.eight billion Hopkins reward in an opinion column revealed in The New York Instances.

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