Oofnik@kbin.social to News@kbin.social · 10 months agoNew York medical school eliminates tuition after $1bn giftwww.bbc.comexternal-linkmessage-square19fedilinkarrow-up124arrow-down10file-textcross-posted to: goodnewseveryone@sh.itjust.workshackernews@lemmy.smeargle.fans
arrow-up124arrow-down1external-linkNew York medical school eliminates tuition after $1bn giftwww.bbc.comOofnik@kbin.social to News@kbin.social · 10 months agomessage-square19fedilinkfile-textcross-posted to: goodnewseveryone@sh.itjust.workshackernews@lemmy.smeargle.fans
The record-breaking donation came from a 93-year-old former professor, who is the widow of a wealthy investor.
minus-squarefubarxlinkfedilinkarrow-up2·10 months agoAt $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.
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.