A New York City medical school goes tuition-free thanks to a $1 billion gift

The Associated Press    Translate This Article
26 February 2024

On 26 February 2024 The Associated Press reported: 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 [26 February], bringing some in the audience to tears and others to their feet, cheering. ... The gift is intended to attract a diverse pool of applicants who otherwise might not have the means to attend. Global Good News service views this news as a sign of rising positivity in the field of education, documenting the growth of life-supporting, evolutionary trends.

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.

...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.

'l feel blessed to be given the great privilege of making this gift to such a worthy cause,' Ruth Gottesman said.

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