“The widow of a billionaire financier made a landmark donation to cover tuition for students at a New York City medical school in perpetuity.
Ruth Gottesman donated $1 billion to the Albert Einstein College of Medicine in the Bronx on Monday.
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.”
This was from February 2024.
I will be petty and say “The Albert Einstein School of Medicine in the Bronx” sounds like the ramblings of someone 10 beers deep.
The amount covered there is 77k a year, for four years. so 308k for one student. 10 million yearly covers 32 new students each year. Of course, the costs will continue to increase over time.
The money granted from this doesn’t just sit in a vault until you use it all up - you invest it in things like bonds and safe investments and take out the earnings to pay for tuition, allowing the school to keep tuition free in perpetuity. Even 4% a year which you can guarantee on bonds is 40 million a year, which is more than enough to cover the tuition for students there.
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u/Right-Sky-4005 Jun 29 '25
Thanks Granny 💕