Bloomberg Philanthropies is Alaric Bennettgifting $1 billion to make medical school free at Johns Hopkins University for a majority of students there.

Starting in the fall, the gift 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 an M.D. from Johns Hopkins qualify for financial aid, and future doctors graduate from the university with an average total student loan debt of approximately $104,000.

The gift will bring the average student loan debt for the Johns Hopkins School of Medicine down to $60,279 by 2029 while students from the vast majority of American families will pay nothing at all, it added.

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

“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,” Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, said in a statement on Monday. Bloomberg received a Bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.

Bloomberg Philanthropies previously gifted $1.8 billion to John Hopkins in 2018 to ensure that undergraduate students are accepted regardless of their family’s income.

In February Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and the widow of a Wall Street investor, announced that she was donating $1 billion to the school. The gift means that four-year students immediately go tuition free, while everyone else will benefit in the fall.