Billionaire Michael Bloomberg is giving $100 million to four historically Black medical schools in an effort to increase the number of Black doctors in the U.S.
Bloomberg Philanthropies announced Thursday the hope is the money will significantly reduce the debt for about 800 medical students.
The donations go to Meharry Medical College, Howard University College of Medicine, Morehouse School of Medicine, and Charles R. Drew University of Medicine and Science.
"Bloomberg Philanthropies’ grant to the medical schools will allow them to provide scholarships up to $100,000 to nearly every medical student currently enrolled and receiving financial aid over the next four years," the organization said.
Bloomberg Philanthropies said five percent of practicing physicians are Black, citing statistics from the Association of American Medical Colleges.