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BALTIMORE — Former New York City Mayor Michael Bloomberg announced Sunday he’s donating $1.8 billion to his alma mater, Johns Hopkins University, to boost financial aid for low- and middle-income students.

The Baltimore university said the contribution — the largest ever to any education institution in the U.S. — will allow Johns Hopkins to eliminate student loans in financial aid packages starting next fall. The university will instead offer scholarships that don’t have to be repaid.

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University President Ronald Daniels said Bloomberg’s contribution will also let the institution permanently commit to “need-blind admissions,” or the principle of admitting the highest-achieving students, regardless of their ability to pay for their education.

“Hopkins has received a gift that is unprecedented and transformative,” he said in a statement, noting the prestigious school was founded in 1876 by a $7 million gift from Baltimore merchant Johns Hopkins that was, similarly, the largest gift of its kind at the time.