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Most medical students at Johns Hopkins University will no longer pay tuition thanks to a $1 billion gift from Bloomberg Philanthropies announced Monday.

Starting in the fall, the donation will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families who earn up to $175,000.

Bloomberg Philanthropies said that currently almost two-thirds of all students seeking a doctor of medicine degree from Johns Hopkins qualify for financial aid, and 45% of the current class will also receive living expenses. The school estimates that graduates’ average total loans will decrease from $104,000 currently to $60,279 by 2029.

The gift will also increase financial aid for students at the university’s schools of nursing, public health, and other graduate schools.

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