Bloomberg Philanthropies announced a $1 billion gift to Johns Hopkins University’s student-majority medical school, while increasing financial aid for students in schools of nursing, public health and other graduate schools.

In particular, Michael Bloomberg, the former mayor of New York and business leader, proceeded to donate $1 billion to cover the tuition of students whose parents earn less than $300,000 a year.

For students whose parents have an income lower than 175,000 dollars their living expenses will also be covered. The donation will benefit approximately two-thirds of current and future medical students at Johns Hopkins, which is based in Maryland.

“As the US struggles to recover from an alarming decline in life expectancy, our country is facing a severe shortage of doctors, nurses and public health professionals,” reports Michael Bloomberg.

“And yet, the high cost of medical, nursing and graduate school too often prevents students from enrolling.”

Recent Johns Hopkins medical school graduates had average student loan debt of more than $100,000, the school reported.

Bloomberg’s donation, made through his charity, will also increase financial aid for students in other programs, including graduate students in public health and nursing, education, engineering and other majors.

The university’s president, Ron Daniels, said that “removing financial barriers to individual opportunity fosters excellence, innovation and discovery that benefits society.”

This is not Bloomberg’s first major contribution to the university as in 2018, Bloomberg Philanthropies donated $1.8 billion to undergraduates.