US medical school to offer free tuition after billion-dollar gift
NEW YORK: Students at the Albert Einstein College of Medicine in New York will receive free tuition after a $1 billion dollar donation from a former faculty member.
The widow of a billionaire financier made a landmark donation to cover tuition for students in perpetuity.nRuth Gottesman donated $1 billion to the Albert Einstein College of Medicine in the Bronx.
Gottesman, 93, is a former professor at the school who studied learning disabilities and created an adult literacy program. She is currently the chair of the board of trustees for the college.
The donation is the largest made to a medical school, according to the college. Sandy Gottesman, who was the co-founder of New York-based investment firm First Manhattan Co., died in 2022.
“This donation radically revolutionizes our ability to continue attracting students who are committed to our mission, not just those who can afford it,” Yaron Tomer, the Marilyn and Stanley Katz Dean at Albert Einstein College of Medicine said in a news release announcing the donation.
“Additionally, it will free up and lift our students, enabling them to pursue projects and ideas that might otherwise be prohibitive.”
Gottesman is the widow of David Gottesman, a protégé of Warren Buffett and an early investor in Berkshire Hathaway.
David cofounded the investment firm First Manhattan Co., which managed over $20 billion in investments when he died in September 2022. Forbes estimated that Gottesman was worth $3 billion at the time of his death.
“He (David) left me, unbeknownst to me, a whole portfolio of Berkshire Hathaway stock,” Ruth Gottesman told the New York Times. Her husband had simple instructions for the inheritance: “Do whatever you think is right with it,” she said.
A condition of the gift is that the school cannot change its name. The annual tuition to attend Albert Einstein College of Medicine’s MD program is $59,458. Fourth-year students at the college will receive a reimbursement of their spring semester tuition.