93-year-old billionaire makes medical studies free with huge donation
Thanks to Ruth Gottesman, tuition fees at Einstein College in New York will no longer apply. Your $1 billion donation will enable future doctors to start debt-free.
Studying medicine at Einstein College previously cost about $60,000 a year. (February 27, 2024)
Photography: Mary Altafer (Keystone)
“I am pleased to inform you that tuition at Albert Einstein College of Medicine will be free starting in August.” When Ruth Gottesman said those words, the room exploded in cheers. Because what the 93-year-old just announced is changing students' lives.
This was made possible thanks to a donation of $1 billion. The money comes from Gottesman herself, a former Einstein College professor and the widow of a Wall Street financier. This is likely the largest charitable donation to a medical school in United States history.
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This generous donation is intended to cover tuition fees for all future students. What makes this donation special is not only its sheer size, but also the fact that the medical facility is located in the Bronx, the poorest borough of New York. Big donors rarely come here.
Studying medicine at Einstein College previously cost students about $60,000 a year. Those who do not receive a scholarship usually have to take out a loan.
“Do what you think is right with her.”
Ruth Gottesman's net worth comes from her husband, who passed away in 2022. David Gottesman, known as Sandy, was the adopted son of Warren Buffett and ran his own investment firm. “Without my knowledge, he left me an entire stock portfolio,” the 93-year-old said. “The New York Times”. “His instructions were simple: Do what you see fit.”
According to Gottsman, your donation will enable future doctors to begin their careers without student debt, which often exceeds $200,000. She also hopes that the donation will increase the number of students and include people who would otherwise not be able to afford tuition fees.
Einstein College is not the first tuition-free medical school in the United States. In 2018, New York University announced that it would eliminate tuition fees for medical students. As a result, the university recorded a significant increase in applications from prospective medical students.
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