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.
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Must be nice to have your taxes pay for something useful instead of guns and war like us.
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The US will keep paying to protect NATO countries so we can fight wars there instead of here.
Unless trump wins.
CIA hit incoming.
On who?
Well, Trump for fucking with NATO too much.
The US can’t afford it. Maybe if we cut government spending in half. They’re out of control and everyone is suffering because they’re destroying the value of the dollar. This issue (but not all) ready is a both sides problem.
Europe is a nuclear power with second strike capability. „Practically disarmed„ is rather different
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France has repeatedly tried to hand over shared control of those nukes to Germany. I’d argue that this alliance is set in stone.
Our military spending is not preventing us from having free college or free healthcare. Both would save us money if we switched to 100% government funded systems. No amount of military spending is preventing us from saving money.
Those can also be useful, the problem is we’re choosing not to do both.
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What’s useful about funding foreign wars, and coups?
War does drive a lot of scientific development.
I’m so glad we kill strangers then… you know, for science.
It used to be free in Australia but then after the politicians all got their free education they decided the country couldn’t afford it anymore.
To be fair the new system is still pretty reasonable but it used to be totally free.
Ahhh, boomers. They got their uni education for the price of a McChicken and still ended up as some of the dumbest and most selfish motherfuckers on the planet.
The original Hippocratic Oath made you swear not to charge to teach people about medicine.
It also made you promise not to do surgery and medical knowledge revolved around balancing bile.
It’s interesting to see the differences in the two:
https://doctors.practo.com/the-hippocratic-oath-the-original-and-revised-version/
The Oath was rewritten in 1964 by Dr. Louis Lasagna
I nearly died when I read Dr. Lasagna
He’s sort of a cheesy guy on the surface but he has layers.
Hypocritic Oath on the other hand…
With a billion dollars, I’d just buy enough congressman to make university free for everyone. They’re not even that expensive
He did try to buy an election already.
That’s where he fucked up, it’s so much cheaper to timeshare a politician that to be one.
True, true. Funny how it’s so much cheaper to own an elected official than it is to be one
It makes sense. They don’t want to share the pie. But will happily accept an extra slice.
It says starting in the fall it will be free, but how long does 1 billion last? How many years will they be able to do this for now?
Endowments aim to achieve perpetual existence by only spending dividends from investments. Assume growth of 8% of a billion means they can spend 80 million dollars a year without shrinking the endowment.
And that really highlights the absolute absurdity of billionaires existing at all
😃
The 4% rule can fail during some cycles, an 8% withdrawal would have numerous failure rates.
You’d have to be willing to adjust heavily during downturns, probably yearly. Adjusting like that could cause uncertainty and make it difficult to apply for all students.
3.5% over an extended period had no failures on any cycle.
The 3.5% was looking at very early retirement, such as 35/40yr old.
Edit: just want to add, those failures on the 4% were small. It was like if you started the cycle on 1 of 2 months many years ago and made no changes when shit got very bad, it would fail. The majority of the time you end up with vastly more money. But also past performance doesn’t guarantee future performance so who knows, but there is some risk.
The operating expenses will show a sudden and totally coincidental billion dollar increase in 2024, and tuition will be collected as usual in 2025.
That’s how getting the government into student loans worked out. It took longer than a semester, but it cost more money than free college and put so many people in so much crippling debt so that evens out.
Based on that, I expect that the costs will go up $750M and stay there so there will be one semester of free tuition, one of severely reduced tuition, then it will be so expensive that no one can go.
The Internet says that the total cost for a degree from Johns Hopkins medical student per year is $64,665. In addition, various indirect costs like books, housing, healthcare, various fees, living expenses, and so on, bring that same estimate up to around $105,000 annually.
$1,000,000,000 invested in a stupid boring index fund at an estimated 4% return yields $40,000,000 in interest alone, or, using the above numbers, enough for 380(.95) students each year.
Based on this quick page from their own website: https://www.hopkinsmedicine.org/som/education-programs/md-program/our-students/class-statistics
Wherein they accept just 266 students, it could last for a very long time.
Big doomer comment section
This is the fediverse, what do you expect? There will always be something to be complaining about here!
🤙 Mount up
I am choosing to only see the uplifting stuff here and rejecting the bad.
Must be nice being elite and to get free education haha
It’s insane making tuition free for medical students, who have the best chances of stable employment and increasing wage growth over the years after graduation. Make tuition free for humanities students instead
Edit: drs have lots of flexible income
Here’s some data though: https://www.collegesimply.com/colleges/maryland/johns-hopkins-university/salaries/
Median US physician salary: https://physiciansthrive.com/physician-compensation/doctor-median-pay/
So this $1B gift to make med school free for people who wouldn’t have had issues paying it off sounds like tax cuts for the rich…
It should be free for everyone.
Yeah it should go to CS departments so we can make ad tech better🤡
So and so.
This could be a vehicle for a lot of people who don’t come from a great financial background and don’t want to take loans without knowing if they’ll even be able to graduate because they’d likely need to work through school, to get an education that lifts themselves and their families to a higher socioeconomic class.