Most students will attend Johns Hopkins medical school tuition-free after Bloomberg's $1B donation

Students at Johns Hopkins' medical school from families earning under $300,000 annually will attend tuition-free this fall after a $1 billion donation from billionaire Mike Bloomberg. 

Bloomberg Industries made the formal announcement on Monday.

"Making medical and nursing school more affordable is a society-wide challenge, but individual schools — and donors — can help lead the way. To reduce the financial barriers at my alma mater, Johns Hopkins University, Bloomberg Philanthropies is making a new gift that will cover tuition for a majority of students at its medical school — and many of those students will also have their living expenses covered," Bloomberg wrote in a letter.

His donation will also pay for living expenses and other fees for students from families earning up to $175,000 annually.