(CNN) — Former New York City Mayor Michael Bloomberg is donating $100 million to the nation’s four historically Black medical schools to help ease the student debt burden for the next generation of Black physicians.
The billionaire’s charity, Bloomberg Philanthropies, announced the donation on Thursday as part of Bloomberg’s Greenwood Initiative, which was created earlier this year to help address economic justice issues that have affected Black Americans since the abolition of slavery.
The funds will be distributed to Howard University’s College of Medicine in Washington, the Morehouse School of Medicine in Atlanta, Meharry Medical College in Nashville and the Charles R. Drew University of Medicine and Science in Los Angeles, according to Bloomberg Philanthropies.
The schools said they will use the donations to create scholarships of up to $100,000 for students currently enrolled and receiving financial aid. Students who graduated in the spring are not eligible to receive funds.