Michael Bloomberg makes record donation to Johns Hopkins

Former New York City Mayor Michael Bloomberg is making a massive donation to Johns Hopkins University to help provide financial aid for low- and middle-income students.

The university announced in a press release Sunday Bloomberg will contribute a whopping $1.8 billion — the biggest donation ever given to an academic institution in the U.S.

Bloomberg was quoted in the release as saying, "America is at its best when we reward people based on the quality of their work, not the size of their pocketbook."

RELATED: Check out Forbes' 2017 richest people in America:

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Forbes 9 richest people in America, 2017

Larry Page: $44.6 billion

Source of wealth: Google

Age: 44

Residence: Palo Alto, California

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Michael Bloomberg: $46.8 billion

Source of wealth: Bloomberg LP

Age: 75

Residence: New York, New York

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6. David Koch: $48.5 billion

Source of wealth: Diversified

Age: 77

Residence: New York, New York

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6. Charles Koch: $48.5 billion

Source of wealth: Diversified

Age: 81

Residence: Wichita, Kansas

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5. Larry Ellison: $59 billion

Source of wealth: Software

Age: 73

Residence: Woodside, California

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4. Mark Zuckerberg: $71 billion

Source of wealth: Facebook

Age: 33

Residence: Palo Alto, California

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3. Warren Buffett: $78 billion

Source of wealth: Berkshire Hathaway

Age: 87

Residence: Omaha, Nebraska

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2. Jeff Bezos: $81.5 billion

Source of wealth: Amazon.com

Age: 53

Residence: Seattle, Washington

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1. Bill Gates: $89 billion

Source of wealth: Microsoft

Age: 61

Residence: Medina, Washington

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Johns Hopkins says Bloomberg's donation will allow the university to be "fully and permanently need-blind" in its admissions. That means the school will admit qualified students without considering their ability to pay. The money will also get rid of student loans from financial aid packages and replace them with scholarships that don't have to be repaid.

Bloomberg graduated from Johns Hopkins in 1964. He's already given the university $1.5 billion.

Additional reporting from Newsy affiliate CNN.

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