The Albert Einstein College of Medicine in the Bronx, New York in the United States has received a monumental $1 billion (Sh146 billion) donation from Dr. Ruth L. Gottesman.
This generous contribution, one of the largest ever made to a medical school in the United States, ensures that students attending this prestigious institution will no longer have to pay tuition fees.
According to Dr. Philip Ozuah, the President and CEO of Montefiore Einstein, the umbrella organization for Albert Einstein College of Medicine, the donation is large enough to cover all currents students' school fees, refund 4th years their tuition fees and pay for future students forever.
Dr. Gottesman, a former professor at the college and a towering figure in the field of pediatric healthcare, has made this donation with the intent of lifting the financial burden off students pursuing careers in medicine and science.
Dr. Gottesman's philanthropic gesture stems from a profound gratitude to her late husband, David “Sandy” Gottesman, a Wall Street giant and an early investor in Warren Buffet's Berkshire Hathaway.
She received the $1 billion worth of stock as an unexpected gift from her husband following his passing in 2022.
The Gottesman family's wealth, accrued through savvy investment and financial acumen, has been channeled into creating an enduring legacy that promises to make medical education accessible to all, irrespective of financial background.
This is especially significant in the Bronx, New York's poorest borough, where the prospect of medical school can seem daunting due to the substantial costs involved.
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The Albert Einstein College of Medicine, which has long been associated with Yeshiva University and is now affiliated with both Montefiore Health System and Yeshiva University, has historically charged tuition fees upwards of $59,000 annually.
With many graduates facing debts exceeding $200,000, this donation is a game-changer, potentially altering the trajectory of medical education in the U.S. and setting a precedent for others to follow.
Dr. Gottesman's involvement with the Albert Einstein College of Medicine dates back to 1968, highlighting a lifelong commitment to healthcare and education.
Beyond her financial contribution, Gottesman has played a pivotal role in developing screening tools for diagnosing learning disabilities and has held several leadership positions within the institution.
Her decision to ensure the college retains its name, rather than renaming it in honor of her and her husband, underscores a humility and dedication to the institution's founding mission.
This historic donation not only underscores the significance of philanthropy in advancing education but also highlights the crucial role of accessibility in the medical field.
By removing financial barriers, the Albert Einstein College of Medicine is poised to attract a more diverse student body, thereby enriching the medical profession with a broader range of perspectives and experiences.
As the college prepares to implement this tuition-free initiative starting in August, the impact of Dr. Gottesman's donation will be felt for generations to come.
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