As of: March 1, 2024, 6:18 a.m
By: Carmen Mörwald
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Thanks to a billion-dollar donation, students at Albert Einstein College will no longer have to pay tuition fees in the future.
The money comes from Warren Buffet's mutual funds.
BRONX - After Ruth Gottesman's announcement on Monday (Feb. 26), cheers erupted in the auditorium at the Albert Einstein College of Medicine.
The former professor at the university in New York's Bronx district addressed the following words to the students: "I am pleased to announce that the Albert Einstein College of Medicine will be tuition-free from August of this year." She is using her billions of dollars to pay the tuition fees away.
“Career without debt” – former professor donates inherited billions
The university shared this emotional moment on the X platform (formerly Twitter).
The students jumped up, hugged each other and cried with joy.
Thanks to Gottesman's billion-dollar donation, they no longer have to worry about the enormously high tuition fees of around $60,000 per year.
Studying at the Albert Einstein College of Medicine costs students a total of more than $200,000.
In general, medical training in the USA not only requires good grades, but also a lot of money.
If you don't have one, you have the option of taking out a student loan that takes years to pay off.
The average debt is in the six-figure range, as reported by Deutsche Ärzteblatt.
According to the U.S. government, in 2023 alone, 43 million Americans had student debt totaling $1.6 trillion.
Gottesman told The
New York Times
that her donation will allow new doctors to begin their careers debt-free.
She also hopes that this will enable more people to study medicine who otherwise would not be able to afford it.
The Albert Einstein College of Medicine is located in, of all places, the poorest neighborhood in New York City.
Poverty, crime and unemployment are commonplace in the Bronx.
That's why university president and Gottesman friend Philip Ozuah called the donation life-changing: “I believe we can change the story of healthcare by recognizing that access is the path to excellence.
This donation revolutionizes our ability to continue to attract students who are committed to our mission, not just those who can afford it.”
Former professor inherited billions from her husband, who was a friend of Warren Buffet
Gottesman has close ties to the Albert Einstein College of Medicine.
The now 93-year-old taught and researched there as a professor in the field of pediatrics for 55 years.
She specialized in learning disabilities, including developing a test and leading educational programs.
Their commitment has helped make the university the remarkable institution it is today, says the official press release.
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Former professor Ruth Gottesman is abolishing tuition fees at the Albert Einstein College of Medicine with a billion-dollar donation.
© Mary Altaffer / dpa
She revealed to the
New York Times
that she didn't know about her billion-dollar inheritance for a long time.
The money comes from the estate of her husband David “Sandy” Gottesman, who was a friend of legendary investor Warren Buffet.
He invested early on in his corporate conglomerate Berkshire Hathaway, which enabled him to record high profits.
After his death, he left her the billions with the words “do with it whatever you see fit.”
And she did.
Now Gottesman wonders whether her late husband would have supported her decision.
“I hope he would smile and not frown,” she told a
New York Times
reporter with a laugh .
“But he gave me the opportunity to do this and I think he would be happy — I hope so.” Those who are definitely happy are the 1,100 students currently enrolled.
You will also receive a refund of the semester fee for the summer semester.
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