As of: March 1, 2024, 6:11 a.m
By: Carmen Mörwald
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Ruth Gottesman hands over her billion-dollar inheritance to her old university.
In doing so, she has positively changed the lives of thousands of students.
Bronx, New York City – On Monday (February 26), the auditorium at the Albert Einstein College of Medicine was flooded with emotion.
The students jumped up, hugged each other and cried with joy.
The reason was the speech by former professor Ruth Gottesman.
She announced: “I am pleased to announce that the Albert Einstein College of Medicine will be tuition-free starting August of this year.” She is donating her billions to this end.
Former professor donates inherited billions from deceased husband
This life-changing moment was shared on platform X (formerly Twitter) by the university.
It is particularly life-changing because students no longer have to worry about the enormously high tuition fees of around $60,000 per year.
In total, studying at the Albert Einstein College of Medicine costs over $200,000.
These costs are covered thanks to the billion-dollar donation from former Professor Gottesman.
The money comes from the estate of her late husband, David “Sandy” Gottesman.
He was a friend of the legendary investor Warren Buffet, which is why he invested early on in his Berkshire Hathaway conglomerate.
He made over a billion US dollars in profit - without his wife's knowledge, as Gottesman revealed to the
New York Times
.
He left the inheritance to her with the following instructions: “Do with it whatever you see fit.”
And she did.
Now Gottesman wonders whether her 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.
Billion dollar donation from the former professor is intended to enable a “debt-free start”.
University President Philip Ozuah described the donation as revolutionary.
He is convinced that access to education is the key to excellence.
In particular, citizens of the Bronx – home to the Albert Einstein College of Medicine – have poor opportunities for advancement.
Poverty, crime and unemployment reign in New York City's poorest district.
The generally expensive tuition fees in the USA represent an additional hurdle.
To cope with the costs, there is the option of taking out one or more student loans that have to be repaid over years.
These are now an integral part of the American system, as the Deutsche Ärzteblatt reports.
Accordingly, the debts are on average in the six-figure range.
According to the U.S. government, in 2023 alone, 43 million Americans had student debt totaling $1.6 trillion.
Former professor Ruth Gottesman is abolishing tuition fees at the Albert Einstein College of Medicine with a billion-dollar donation.
© Mary Altaffer / dpa
Gottesman hopes that her donation will not only enable future students to start their careers debt-free, but also give more aspiring doctors the opportunity to apply to medical school.
“We have excellent medical students,” said the former professor, “but this will also give many other students the opportunity who, due to their economic situation, would not even think about studying medicine.”
The now 93-year-old has a long history at the Albert Einstein College of Medicine.
She taught and researched there as a professor in the field of pediatrics for 55 years.
Gottesman's focus was on learning disabilities, which is why she developed tests and led educational programs.
Their commitment has helped make the faculty the remarkable institution it is today, according to the university's official press release.
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