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93-Year-Old Widow Donates $1 Billion To Make Med School Free In NYC’s Poorest Area
The widow of a billionaire financier made a historic donation to cover tuition for students at a New York City medical school, alleviating one of the most common sources of stress among students.
On Monday (February 26), Dr. Ruth Gottesman announced her huge contribution to the students and faculty at Albert Einstein College of Medicine. The relieved students can be seen crying, dropping their jaws, and rising to their feet to cheer upon hearing the wonderful news.
Highlights
- A 93-year-old widow donated $1 billion to Albert Einstein College of Medicine.
- The donation ensures students attend med school tuition-free.
- Ruth's donation is the largest ever made to a medical school, according to the college.
Her generous gift ensures no student of the college, located in the Bronx, has to pay tuition again.
Dr. Ruth Gottesman made a $1 billion donation to cover tuition for the students at Albert Einstein College of Medicine
Image credits: einsteinmed
The Bronx is the city’s poorest borough and ranks as the unhealthiest county in New York. It also has a high rate of premature deaths compared to other parts of the country.
In recent decades, numerous billionaires have donated hundreds of millions of dollars to better-known medical schools and hospitals in Manhattan, the city’s wealthiest borough.
Ruth’s donation is the largest made to a medical school, according to the college.
“l feel blessed to be given the great privilege of making this gift to such a worthy cause,” Ruth said.
Fourth-year students at the college will receive a reimbursement of their spring semester tuition, while those starting in the fall will have free tuition from then onwards.
Fourth-year students will receive a reimbursement of their spring semester tuition, while those starting in the fall will have free tuition from then onwards
Image credits: Victor Vanzo
The 93-year-old has been affiliated with the college for 55 years.
In 1968, she joined Einstein’s Children’s Evaluation and Rehabilitation Center and developed screening and treatments for learning problems. She started the first-of-its-kind Adult Literacy Program at the center in 1992, as per NBC.
Six years later, she was named the founding director of the Emily Fisher Landau Center for the Treatment of Learning Disabilities at CERC. She is a clinical professor emerita of pediatrics, and she currently works as the chairperson of the college’s board of trustees.
“l feel blessed to be given the great privilege of making this gift to such a worthy cause,” Ruth said
Image credits: MontefioreNYC
Her late husband, David “Sandy” Gottesman, built the Wall Street investment house, First Manhattan Co., and was an early investor in Berkshire Hathaway Inc., the conglomerate Mr. Buffett built.
“He (David) left me, unbeknownst to me, a whole portfolio of Berkshire Hathaway stock,” Ruth told The New York Times.
David, who passed away in 2022 at age 96, gave Ruth simple instructions for the inheritance: “Do whatever you think is right with it.”
“I hope he’s smiling and not frowning,” Ruth said. “But he gave me the opportunity to do this, and I think he would be happy — I hope so.”
The annual tuition to attend Albert Einstein College of Medicine’s M.D. program is $59,458
Image credits: MontefioreNYC
Her $1 billion gift ensures new doctors begin their careers without debt and expand the student board, attracting applicants who could not otherwise afford to attend medical school.
The annual tuition to attend Albert Einstein College of Medicine’s M.D. program is $59,458, the college’s financial aid site states. Meanwhile, the average medical school debt in the U.S. is $202,453, excluding undergraduate debt.
The university is located in the Bronx, which has a high rate of premature deaths, and it ranks as the unhealthiest county in New York
Image credits: MontefioreNYC
“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,” Ruth said.
“Each year, well over 100 students enter Albert Einstein College of Medicine in their quest for degrees in medicine and science.
“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.”
The donation is the largest to any medical school in US history
We are profoundly grateful that Dr. Ruth Gottesman, Professor Emerita of Pediatrics at @EinsteinMed, has made a transformational gift to #MontefioreEinstein—the largest to any medical school in the country—that ensures no student has to pay tuition again. https://t.co/XOy9HZLbfD pic.twitter.com/1ijv02jHFk
— Montefiore Health System (@MontefioreNYC) February 26, 2024
Dr. Philip Ozuah, president and chief executive of Montefiore Einstein— the umbrella organization for the Albert Einstein College of Medicine and the Montefiore Health System—recognized Ruth’s initiative in tackling the issue of accessibility in education.
“I believe we can change healthcare history when we recognize that access is the path to excellence,” he said.
Einstein isn’t the first medical school to eliminate tuition. In 2018, New York University announced it would begin offering free tuition to medical students, a decision that brought about a surge in applications.
People celebrated Ruth for her life-changing contribution to medical school students
What do you think ?
Ephemera Image 9 months ago
One odf the few billionaires who knows that money should never be hoarded. What a lovely gift.
Ephemera Image 9 months ago
One odf the few billionaires who knows that money should never be hoarded. What a lovely gift.
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