Mayor Bloomberg's giving to alma mater tops $1 billion
New York Mayor Michael Bloomberg graduated from Johns Hopkins University in 1964.
January 28th, 2013
04:00 AM ET

Mayor Bloomberg's giving to alma mater tops $1 billion

By CNN Staff

(CNN) - A kid raised in a middle-class Boston suburb, Michael Bloomberg took out loans to pay for his tuition at Johns Hopkins University and worked as a parking lot attendant.He learned early to pay it forward.

Bloomberg's first gift to his alma mater was a whopping $5 in 1965, a year after he graduated with a bachelor's degree in engineering.

Fast forward to Saturday, when the Baltimore university announced Bloomberg has now given a total of $1.1 billion. The latest commitment came in the form of a cool $350 million toward a "transformational" initiative aimed at cross-discipline solutions to societal problems.

In a statement, Johns Hopkins said Bloomberg, a former trustee, is believed to be the first person to ever reach the $1 billion level of giving to a single U.S. institution of higher education.

The university's Twitter feed was aglow with information on the gift. One tweet heralded the announcement with the words, "Big News," which might have been an understatement.

Among other things, the donation will fund 2,600 Bloomberg Scholarships over 10 years and 50 distinguished scholars.

Of the $350 million, $100 million will go toward "need-based financial aid" for undergraduate students.

"Johns Hopkins University has been an important part of my life since I first set foot on campus more than five decades ago," Bloomberg said in the press release. "Each dollar I have given has been well-spent improving the institution and, just as importantly, making its education available to students who might otherwise not be able to afford it."

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  1. Cameron Van Buren

    Gun Control- It's a dreaded subject for a lot of people. "Guns are safe!", "No! Guns are killing people!", "If guns don't kill people, people kill people. Does that mean toasters don't toast toast, TOAST, TOAST TOAST?" It's a huge controversy and it should take a long time to decide about gun laws. Many people that have never had a gun might be afraid of ones that have or they might be afraid of having one. But then again people who have grown up with them or own one probably want to keep theirs. It all depends and maybe we should just compromise a little bit? I mean, since when have criminals followed the rules? I think instead of gun control, bullets should be $5,000 each. So whenever someone kills someone else, it's like, "Man! He must of done something!" Thanks for reading!

    Cammi<3

    February 4, 2013 at 11:50 am |