Bloomberg’s $140 Million Push to Get Lower-Income Students Into Top Colleges Falls Short

Billionaire Michael Bloomberg has spent more than $140 million over the past decade to get tens of thousands more talented, lower-income students into top-flight colleges. Those big ambitions have so far fallen short. The bulk of Bloomberg’s millions have gone to a remote college-counseling program. Bloomberg Philanthropies, the ex-New York City mayor’s charitable arm, also invested in the American Talent Initiative, a group of college presidents that aimed to attract 50,000 more lower-income students to schools with high graduation rates. Bloomberg Philanthropies now says the college counseling has had “minimal” impact, according to a presentation shared with The Wall Street Journal. And the American Talent Initiative has shelved its big goal after falling off track.