On Monday, one of the largest charitable donations to a college was made to Albert Einstein College of Medicine (AECOM) in the Bronx.

Ruth Gottesman, a 93-year-old woman and former professor of AECOM, announced her $1 billion donation in the college’s auditorium, bringing students and faculty to celebratory tears and excitement.

“l feel blessed to be given the great privilege of making this gift to such a worthy cause,” Gottesman said during her announcement.

With 55 years of commitment to AECOM as a former professor and chairperson of its board of trustees, Gottesman’s donation is intended to attract more diverse applicants and cover their cost of education at the institution. The only condition of the gift is that the school cannot change its name.

The free tuition will be available to all students going forward, including fourth-year students who will receive a reimbursement for their spring semester tuition.

Currently, the average medical school debt in the U.S. is $202,453, excluding undergraduate debt, according to the Education Data Initiative. The annual tuition to attend Albert Einstein College of Medicine’s M.D. program costs $59,458.

“This donation radically revolutionizes our ability to continue attracting students who are committed to our mission, not just those who can afford it,” Yaron Tomer, the Marilyn and Stanley Katz Dean at AECOM, said in a news release announcing the donation. “Additionally, it will free up and lift our students, enabling them to pursue projects and ideas that might otherwise be prohibitive.”

Student loan debt this large can influence students’ decision to attend medical school and impact their future financial stability.

“Each year, well over 100 students enter Albert Einstein College of Medicine in their quest for degrees in medicine and science,” Gottesman said. “They leave as superbly trained scientists and compassionate and knowledgeable physicians, with the expertise to find new ways to prevent diseases and provide the finest health care.”

According to the college, Gottesman’s gift is the largest donation ever made to a medical school. She credits the donation to the financial means of her late husband, David Gottesman, a protégé of Warren Buffett and cofounder of a $20 billion investment company, First Manhattan Co. He passed in 2022 at age 96.