New York City medical school goes tuition-free thanks to $1 billion gift from former professor
A New York City medical school will be tuition-free for all students from now on thanks to a $1 billion donation from a former professor, the widow of a Wall Street investor.
A New York City medical school will be tuition-free for all students from now on thanks to a $1 billion donation from a former professor, the widow of a Wall Street investor.
Ruth Gottesman announced the gift and its purpose to students and faculty at Albert Einstein College of Medicine Monday, bringing some in the audience to tears and others to their feet, cheering. Gottesman, 93, has been affiliated with the college for 55 years and is the chairperson of its board of trustees.
The gift is intended to attract a diverse pool of applicants who otherwise might not have the means to attend. It will also let students graduate without debt that can take decades to repay, college administrators said. Tuition at Einstein is $59,458 per year. The average medical school debt in the U.S. is $202,453, excluding undergraduate debt, according to the Education Data Initiative.
The Albert Einstein College of Medicine in Bronx, N.Y., on Feb. 26, 2024.Michael M. Santiago / Getty Images file “Each year, well over 100 students enter Albert Einstein College of Medicine in their quest for degrees in medicine and science,” Gottesman said. “They leave as superbly trained scientists and compassionate and knowledgeable physicians, with the expertise to find new ways to prevent diseases and provide the finest health care.”
Gottesman credited her late husband, David “Sandy” Gottesman for leaving her with the financial means to make such a donation. 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.
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