According to Bloomberg News, former New York City Mayor Michael Bloomberg announced Sunday he’s donating 1,8 billion US-dollars to Johns Hopkins University. The aim is to boost financial aid for low and middle income students.

The Baltimore university said the contribution, which is the largest ever to any education institution in the U.S, will allow Johns Hopkins to eliminate student loans in financial aid packages starting next fall. The university will instead offer scholarships that don’t have to be repaid.

Michael Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.

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