this post was submitted on 26 Feb 2024
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New York medical school eliminates tuition after $1bn gift (www.bbc.com)
submitted 8 months ago by [email protected] to c/[email protected]
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The record-breaking donation came from a 93-year-old former professor, who is the widow of a wealthy investor.

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[–] [email protected] 3 points 8 months ago

At $60K tuition x 500 students = $30M / yr. Simple interest on $1B at 3% per year over 20 years = $30M / yr.

They can pay for 500 medical students, practically forever, without touching the principal.

According to https://en.m.wikipedia.org/wiki/Albert_Einstein_College_of_Medicine, in 2021, they matriculated 183 students (out of 9773 applicants). That means they can double the number of 'free tuition' students and the endowment will still keep growing.