Ruth Gottesman announced the gift and its purpose to students and faculty at Albert Einstein College of Medicine on Monday, Feb. 26, 2024. (Pic Source:Jason Torres/Albert Einstein College of Medicine/AP via The Canadian Press)
A substantial $1 billion donation from Ruth Gottesman, the widow of Wall Street investor David Gottesman, will transform a New York City medical school into a tuition-free institution. The announcement was made on Monday at Albert Einstein College of Medicine, where Ruth Gottesman, 93, revealed her generous gift. With a 55-year affiliation with the college and serving as the chairperson of its board of trustees, Gottesman intends the donation to foster a diverse applicant pool by removing financial barriers.
The gift, believed to be the largest to any medical school in the U.S., is designed to enable students to graduate without accumulating the substantial debt associated with medical education. The tuition at Einstein is $59,458 annually, and the average medical school debt in the country is $202,453, excluding undergraduate debt.
Ruth Gottesman attributed her ability to make such a substantial donation to her late husband, David “Sandy” Gottesman, who founded the Wall Street investment house First Manhattan and served on the board of Warren Buffett’s Berkshire Hathaway. His passing in 2022 at the age of 96 left Ruth Gottesman with the financial means to contribute to this significant cause.
The donation aims to change the landscape of medical education by emphasizing that access is crucial for achieving excellence in healthcare. Dr. Philip Ozuah, the president and CEO of Montefiore Einstein, the umbrella organization for Albert Einstein College of Medicine and the Montefiore Health System, expressed optimism about altering healthcare history through enhanced accessibility.
Ruth Gottesman, who has been associated with Einstein’s Children’s Evaluation and Rehabilitation Center since 1968, has a notable legacy in developing screening and treatments for learning problems. Her philanthropic efforts extend through the Gottesman Fund, which has supported various charities, schools, universities, and cultural institutions in Israel and the U.S.
Albert Einstein College of Medicine now joins the ranks of tuition-free medical schools, following New York University School of Medicine's 2018 decision to cover tuition costs for all its students.
