Michael Bloomberg

Bloomberg's $1.8 billion gift to Johns Hopkins in 2018 expanded the university's ability to admit undergraduates without considering their ability to pay. From autumn 2019, grants replaced loans in its undergraduate financial-aid packages. The useful distinction is between an endowed admissions-and-aid policy and a one-off cheque to students. It did not mean that every student automatically received a full scholarship or that every possible education debt disappeared.