 Philanthropies will cover tuition for about two-thirds of all medical students and also cover living expenses for students from lower-income families. It will allow students to graduate and begin their careers with far less student loan debt. Billionaire Michael Bloomberg is a John Hopkins alum himself. He graduated in 1964 with a degree in electrical engineering. They say that most of the people that graduate from the medical school have about $100,000 in school debt. So this is an amazing story, a really good news story making the rounds today.