Albert Einstein College of Medicine, situated in New York City's Bronx borough, is set to provide students with free tuition thanks to a landmark $1 billion donation from Dr. Ruth Gottesman, the 93-year-old widow of a prominent Wall Street investor.
Dr. Gottesman, a former professor at the Bronx-based medical school, made the historic contribution to support the institution's mission of providing quality medical education, particularly in underserved communities.
The generous gift, considered one of the largest donations to a US school and the largest ever to a medical school, will significantly alleviate the financial burden on students, many of whom face substantial debt due to the school's annual tuition of nearly $59,000.
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Dr. Yaron Yomer, the university dean, hailed the donation as "transformational," emphasizing its ability to attract students dedicated to the school's mission regardless of their financial background.
Starting from the upcoming academic year, all students, including current enrollees, will benefit from free tuition, with final-year students receiving reimbursement for their spring 2024 tuition fees.
Dr. Gottesman, renowned for her contributions to learning disabilities research and literacy programs, expressed gratitude for the opportunity to support aspiring doctors who, upon graduation, "provide the finest healthcare to communities here in the Bronx and all over the world."
The generous donation honors the legacy of Dr. Gottesman's late husband, David "Sandy" Gottesman, a pioneer in the investment industry and an early supporter of Berkshire Hathaway. Dr. Gottesman recalled her husband's instructions to "do whatever you think is right" with the assets he left her, leading her to allocate funds to support students at Einstein in perpetuity.
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Reflecting on the impact of her donation, Dr. Gottesman expressed hope that her husband would be proud of the initiative, noting his instrumental role in empowering her to make such a significant contribution.
The donation marks a significant milestone for Einstein College of Medicine, known for its diverse student body, with approximately half of its first-year students hailing from New York and a notable representation of women and minority students.
