Institutions of higher education are responsible for educating future leaders and helping evolve our collective understanding of various subjects. Most importantly, they create pathways for individual and collective progress.
Medical schools, for example, educate future physicians who will cure diseases, treat patients and conduct research on novel new treatments. However, the cost of education, especially for medical school, creates barriers to entry for students who lack financial resources. 2023 data from the Education Data Initiative shows that the average medical student incurs $202,453 in student debt.
To help relieve students from the burden of debt, many philanthropists have gifted college and university students with debt relief, scholarships and other pathways to a financially viable education. Ahead, we explore Dr. Ruth Gottesman’s gift to the Albert Einstein College of Medicine and other similar gifts.
The Gottesmans’ Contributions to the Albert Einstein College of Medicine
The 93-year-old widow of a Wall Street financier, Ruth L. Gottesman, Ed.D. has been involved with the Einstein College of Medicine in the Bronx, New York, for over 50 years. She worked in the Einstein College of Medicine’s Children’s Evaluation and Rehabilitation Center, started an adult literacy program at the institution and now serves as a Clinical Professor Emerita of Pediatrics. She is also the chair of the Einstein College Board of Trustees and a board member of Montefiore Health System.
Through the years, she and her late husband David S. Gottesman made several gifts to Einstein College. In 2010, the Gottesmans established the Ruth L. and David S. Gottesman Institute for Stem Cell and Regenerative Medicine Research through a generous contribution. They also launched the Ruth L. Gottesman Clinical Skills Center and the Faculty Scholar in Epigenetics. Their support for Einstein College continued through 2016, with major gifts toward the institution’s Immunotherapeutics, Cancer and the Brain Science Initiative.
In 2024, Dr. Gottesman made one of the largest contributions to a medical school in recent history when she donated $1 billion to the Einstein College of Medicine, establishing the David S. and Ruth L. Gottesman Scholarship Fund. The fund covers tuition and fees for medical students attending the Albert Einstein College of Medicine in perpetuity.
“This donation radically revolutionizes our ability to continue attracting students who are committed to our mission, not just those who can afford it,” said a representative of the college.
This monumental contribution gives medical students the freedom to choose an area of study based on their interests rather than financial factors. It also helps the college increase diversity in its study body, creating pathways for students of color and members of underrepresented groups in medicine.
Other Notable Gifts to Colleges and Universities
Contributions like Dr. Gottesman’s $1 billion donation create pathways for students who face barriers in education based on income, race and gender. Over the years, several other philanthropists have made contributions to institutions to help make college possible for all. For example, in 2018, Michael Bloomberg donated $1.8 billion to Johns Hopkins University.
Another historic contribution was made by Robert F. Smith in 2019. The Founder, Chairman and CEO of Vista Equity Partners made a $34 million contribution to pay off the student loan debt of the entire 2019 graduating class of Morehouse College.
In addition to his financial contribution to the graduates, Smith asked for one thing in return: that the students pay it forward. He also encouraged other business leaders and philanthropists to follow his lead with future graduates.
While there is still work to be done to create equity in education, these large financial contributions to colleges and universities, especially those that relieve student debt, are a big step in the right direction.
Follow Smith on LinkedIn to learn more about how he works toward economic justice and education reform.
