"The gift will fund financial aid for qualified low- and middle-income students, allowing the university to forever make admissions decisions on a "need-blind" basis — without considering an applicant's ability to pay, according to the press release.
The contribution also eliminates student loans from financial aid packages, replacing those loans with grants that don't need to be repaid. The change will ease the burden of student debt for many graduates and make the campus more socioeconomically diverse, Bloomberg wrote in a New York Times op-ed in which he explains his rationale for the gift and the impact it will have."
