A $1 billion dollar donation to Albert Einstein College of Medicine will ensure that no student will have to worry about paying tuition again. The donation, made by Ruth Gottesman a former professor at Einstein and chair of its board and trustees, is one of the largest charitable donations to an educational institution, and the largest donation made to a medical school.
The donation is not just notable in size. The medical school is located in the Bronx, which is one of the most impoverished boroughs in New York City. Medical schools located in wealthier areas have benefited from such donations in the past. In reference to her donation, Dr. Gottesman stated, “We have terrific medical students, but this will open it up for many other students whose economic status is such that they wouldn’t even think about going to medical school.”
Dr. Gottesman attributes her late husband with leaving her with the ability to make such a remarkable donation. According to the Associated Press, David Gottesman built the Wall Street investment house First Manhattan and was on the board of Warren Buffett’s Berkshire Hathaway. He died in 2022 at age 96. Gottesman informed his wife to do whatever she thought was right with the large stock portfolio.
All current fourth year medical students will be reimbursed for their Spring 2024 tuition. Starting in August 2024, tuition will be free for all students going forward. Tuition is currently $63,000 each year. According to the Education Data Initiative, medical graduates on average accumulate $202, 453 in debt.
What are your thoughts on this significant donation to a medical school?
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