The dream of going to medical school and finishing debt-free has become reality for students at Johns Hopkins University.

Billionaire and former New York City Mayor Michael Bloomberg has given the university a $1 billion gift through his Bloomberg Philanthropies organization, The Washington Post reported.

He cited the country’s declining health and declining education.

“As the U.S. struggles to recover from a disturbing decline in life expectancy, our country faces a serious shortage of doctors, nurses, and public health professionals — and yet, the high cost of medical, nursing, and graduate school too often bars students from enrolling,” Bloomberg wrote in the organization’s annual report, announcing the gift. “By reducing the financial barriers to these essential fields, we can free more students to pursue careers they’re passionate about — and enable them to serve more of the families and communities who need them the most.”

Bloomberg graduated from Johns Hopkins in 1964 and founded his namesake business, financial data and news company.

Typically Johns Hopkins medical students pay about $65,000 annually for tuition. That amount is covered starting this fall if their families make less than $300,000 a year. For families that earn up to $175,000 a year, living expenses and fees will also be covered.

“Eligible new and returning medical students will receive updated financial aid packages this summer that reflect the gift’s impact,” the university said in the announcement.

The Association of American Medical Colleges says medical school graduates had about $200,000 in debt when they graduated in 2023.

The school said the gift will also help students in the nursing and public health programs with financial aid.

The latest gift “builds on the transformative impact of Bloomberg’s 2018 gift for undergraduate aid” at the university.

Johns Hopkins is the latest school to offer free tuition or scholarships for future doctors.

The Wall Street Journal reported that the Albert Einstein College of Medicine and the medical schools at New York University and Columbia University.

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