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.
Uplifting: this is objectively a ton of good done for these students
Dystopian: this money was earned by the theft of value produced by working class labor and throwing a few breadcrumbs of it back into the system and acting like it’s some great pure good is pure evil and people will lap it up like dogs
Yeah. Bloomberg and the other billionaires should be taxed enough so that we can fund this and other social programs for everyone.
Yes I hate it when the ultra rich decide to create a handful of “winners” leaving 99.9% of us still fucked. Will this make my future healthcare more affordable? Nope it just makes a small number of doctors wealthier.
Nope it just makes a small number of doctors wealthier.
No, it will the lives better for 2/3 of students. I can’t see how this is bad in anyway. Why would it be bad to make education free for some of the best future medical professionals.
Right? It’s almost like free education is good for society
Yup. Every time there’s a feel-good story like, “a corporate donor spent $20,000 so a dozen orphans didn’t have to be fed into the Orphan Crushing Machine” the media never questions why the Orphan Crushing Machine needs to exist in the first place.
I knew Lemmy could spin this into a negative. I was counting on it actually. The most cynical message board hands down.
True, we should instead just celebrate this small one-off victory and forget the systemic issues that plague us. As long as the billionaires throw us a rare bone, we can leave the guillotines at home ig.
Nice strawman you got there. Is that binary?
Not a strawman. The comment you responded to originally acknowledged both the positive and negative sides of this. Meanwhile, you commented only on the negative side as if we aren’t allowed to acknowledge it. I called you out based entirely on the words you chose to use.
If this isn’t wasn’t what you intended to communicate, then I recommend you revise your former comment.
The original Hippocratic Oath made you swear not to charge to teach people about medicine.
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
Hypocritic Oath on the other hand…
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 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.
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.
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.
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.
I get the hate, but as someone with some experience here, the amount of debt from a normal BA/BSc is miniscule compared to med school…like doesn’t even come remotely close. The amount of time spent paying that back for someone that doesn’t come from wealth is sometimes longer than they live…
Okay I hear you. I guess I was thinking of drs who end up making quarter mill usd 5-7 years after school. That kind of income isn’t guaranteed in any other profession, not even software engineering or law
Totally agree, it’s wild, just wanted to give some perspective from the other side 😊
I appreciate that, it’s always useful to know more
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.
