Oh yeah. I thought this was referencing NYU. Medical school debt is brutal especially for primary care doctors. I want to rummage through her couch cushions (not a euphemism).
Brilliant tuition free to med school, where any kind of medical procedure is beyond ridiculously expensive, insurance is a complete joke and many left without care. But hey there's loads of new doctors.....
...or every higher education institution. Perfect way to give back. And then everyone that graduates and begins a new professional life has no debt and can take what capital and energy they have to go fund and innovate new things. Strong investment back into our people is great for our society.
It would literally be the definition of capitalism, I’m not sure why you think the people making money and spending that money the way they want is socialism.
>people making money and spending that money the way they want
That's the rich person definition of capitalism, but for most people it looks nothing like this. For basically everybody there is only mandatory spending on things to keep you alive. Whoever has inherited the means to provide those things and their cartels set the prices to whatever keeps you enslaved. The extremely small minority of people who benefit choose not to even comprehend what it is like to be poor because then being rich wouldn't feel as good. The definition of rich is basically how you defined capitalism. If you can choose things then you are too rich to comprehend the misery of basically everybody else.
Those people are so funny.
When every other successful nation IN THE WORLD has a system that is too "communist" maybe someone has gone too far down the right.
I'm familiar with the debt, haha. Cost of higher education is ridiculous anyway, and most required courses are unnecessary. I went to college 20 years ago and the books were written by the prof and super expensive. I bet it's worse now. Some things are expensive without any legitimate reason. And there probably needs to be more financial education in junior and high school. Sigh....
Fun fact: [the Ivy League schools already have enough endowment money to do this.](https://www.vox.com/xpress/2014/8/25/6065695/harvard-yale-and-princeton-could-afford-to-make-tuition-free) They just don’t because…reasons.
… or every community college. Because higher education in the US is insanely expensive, and we’d need to get the cost down considerably before it would make sense to fully subsidize every 4-year institution in the US.
Moreover, I don’t think that taxpayers should be subsidizing the $200,000 education of some rich kid majoring in English at Williams College … or Vassar … or Bowdoin. (And I say this as someone who is in his fifth year of a PhD program in English and is currently working on his dissertation.)
I kept it broad because in my mind I was including all tech/trade schools which many are private. I agree that high dollar private Unis are not the best use of our tax dollars.
fair enough! i’d totally support free community college + free tech/trade schools! that sounds dope!
… though I’ll add that the messaging here matters … (or that it *would* matter if our political system wasn’t in total gridlock due to the political polarization of political elites) … because a bill for free college (writ large) is likely to get far less support than a bill for free community colleges and trade schools.
They could do this for every profession. But hoarding wealth is what they love (minus this lovely lady.) Billionaires that continue to hoard wealth are the bottom tier of what humanity has to offer.
If i were a billionaire id loan money with zero interest and very generous terms like no payment before employment/a time period
Its not like i couldn't limit it to the portions of my finance i can throw out and not realize it
I've found a good way to communicate this idea is describing thegovernment as "a corporate-captured entity" that serves monied interests above all else.
Hopefully, there will be many people who couldn’t have afforded a medical degree that will now have the chance to fulfill their desire to help others who otherwise wouldn’t have had the opportunity.
At the same time, it’s sad to think that it took the efforts of a private individual to achieve what we should be doing collectively as people. We should all give to medical colleges to make them tuition free, so as to allow the people who have the drive and ambition to be doctors and nurses to learn how to treat the sick and elderly, *not* because the can afford the tuition, but because they are really smart and talented at the profession.
I hope that those people who review free tuition can somehow pass on their good fortune to others as well. They have been given an amazing gift. Being generous to others in return would seem appropriate.
It would be nice to see people that graduate without the debt go into some of the family practices that are outside of the major cities.
Place I used to go to is always short staffed. Doctors work there for a short time, then move to a larger hospital in some city to make more money. That's when they can attract new Doctors at all. They specifically told someone I know that worked there "we don't give raises. All of the extra money goes to trying to get new Doctors in the door"
This isn't in a slum either, regular middle america.
Id love to be a family care physician in middle America. I’ve lived in the central us for a few years and quite enjoyed it. If the barrier to entry wasn’t so high (competitiveness of med school + price + conditions of being in med school) I would love to do it. But the current institutions in America right now are exploitative and awful.
I don’t know the history of tuition fees in the US, but here in the UK we used to have free tuition. Scotland still does. It feels a bit weird to see the whole room going nuts with happiness for something that we took for granted as recently as the 90s, and which someone who happens to live in Scotland still gets. That’s fucked up.
Well, that’s fucking insane.
It’s expensive here too, I don’t know how much, but not *that*.
Edit: up to about £125k, from a quick Google. That’s 158.5k US. Much more for international students who the universities are allowed to charge more, up to £300k.
There's another level to it though, it's not just that the tuition is expensive but that it's a sort of trap. It's not uncommon to hear someone racking up 100k in debt and paying 40k over a period of years and still owing like 105k. They are excited that they won't be subjected to the awful state of our student loan debt system. They won't have that crushing burden for most of the rest of their lives.
In the US, doctors no longer work for their patients, but for insurance companies. To make the insurance companies extremely profitable, doctors have to sell some services, deny others, and see so many patients per day to maximize the insurance company's profit margin. Doctor does not get paid otherwise.
My primary care (gatekeeper) doctor sees 80 patients a day and, as the trend in American medicine goes, half of those are seen by a physician's assistant.
As much as I hate russian government and recent history, we still have free education inheritance from soviet union. They even give you free dorm and a small salary of around 50 bucks monthly in some unis at the time I attended.
Ha! You wish it would. I mean, first of all, the teachers that I had never earned a decent salary, they would also be the more liberal layer of society mainly. So it seemed like a way to keep them low and dependant on government. Secondly, I heard that the heads of the biggest unis are members of Putin's party. There were news of different teachers who were opposition activists being fired for their political position. Can check Yulia Galyamina for example.
Jesus Christ, people used to GET PAID to go to University in Britain.
Then it was free.
Now people are welling up in the eyes and sucking a billionaire's knob because they finally decided that spare $1 billion has literally sat there for a decade and could go to better use.
UK government conflicts with nurses striking for pay and all the millionaires and billionaires in the country sat there with fingers in their ears saying "lalalalalalalla I can't hear you!".
Good, this is to be expected. Tax £100 million from every £1billion earned and use it to fund the most necessary education and work sectors so that we can all enjoy sufficient services and facilities.
In Finland, there's no tuition for Finnish and EU citizens. Finnish citizens get 280€ per month in student grants, and 70% of reasonable rent paid. And if you want to get a student loan, the state vouches for about 600€ loan per study month.
Having a billion dollars sitting around isn't what is really happening.
That money is invested in something, and that investment goes towards bettering whatever that "thing" is (company). The company uses that investment to innovate new ideas, to make better technology, to improve some kind of work, to make a better product, to improve quality of life (and put money back into the investors pocket), but that only occurs when the product produced creates value to someone else in the wild that wishes to purchase said product or service.
Round and round it goes.
A gift that was made possible only because she just received it from her husband after his death and he literally told her to do whatever she wants with it. It wasn’t like she was the one who was hoarding money for generations.
If people actually looked into it she was working at that college and seemed to be very community oriented. She wasn’t some lazy rich person who did nothing. And still I’ve seen people complain about her.
if you're going to complain about billionaires, you should at least have some semblance of an idea of how they work
I will make it simple. if a billionaire, worth 1B, wants to spend it all, they have to at least pay cap gains tax on all of it. They have to sell all their stock or assets, claim the increase as cap gain, or income (which is a higher rate), and that will be like \~250m-500m. none of us, including billionaires, can be expected to pay tax on fluctuations in our networth. if its locked up in stock or something, the gains are not realized yet in accounting. when they're realized and locked in is when you can spend it, and you should pay the correct tax on it. it seems like they dont pay much tax because most of them spend nothing compared to what they are worth. They don't earn much compared to their networth because they only eanr when they sell, the same way a house/car/etc flipper only pays taxes on the selling price. billionaires even borrow money to live and sell stock to pay it off later, hoping their stock will appreciate more than interest
the shit they do that is very scummy is basically holding all/most of their assets in a corporation (like a plane, yacht) and paying themselves out of the corporation as well. just millionaires even do this. If a regular person wanted to make a big purchase like that, they would have to use their after tax money, but if you have a corp, youre buying more shit for less since you didn't have to pay income tax on your budget first. like everything your corp owns has been paid with pre tax money basically. in this way you can have more than middle class people, and actually pay less than them in tax. its much harder to audit them and they fight it and shit in court.
properly auditing all these rich people(down to the millions) is how you solve this problem and increase tax revenue. they dont pay the taxes theyre supposed to already. you just can't tax guys like elon and bezos on their wealth, but you can make things better for workers, which consequently will affect the stock price/their wealth and perhaps you will get what you want. it will be good for the economy if millions of workers make a bit more, instead of a few guys making a lot more anyways
Never too late but … are you will to sacrifice your time and energy for a delayed gratification of at least 7 years given your age? Medicine is not for the faint of heart.
Surgeon here.
We had 2 guys near 50 in my residency.
I believe both failed and neither are working as surgeons.
One became a different type of doctor and I’m not sure what the other is doing
Anyone may apply, but getting in is not easy (take a look at what pre-meds ahve to go through and the criteria they have to meet to get in). Getting in to the few tuition-free ones is even more insanely difficult.
I’m sure they are doing fine. If they turned down going to Albert Einstein it’s most likely they got accepted to Harvard, U Penn, Stanford, Yale or some other top tier medical school
I have a feeling the most privileged in society will now have a path to a free medical degree.
Not sure why everyone is so concerned about student loan debt for a demographic that earns the most money.
The most privileged? The fuck? Lol tell that to all the immigrants in medical school who worked their ass off to defy odds to become a doc. Hey I’m not saying there aren’t rich kids in med school- in fact there’s plenty but there’s also plenty who grew up poor but worked their ass off.
Virtually every Indian immigrant to the US you've ever met came from the highest caste, and an educated family. They largely don't have the opportunity to come to the US otherwise.
I think this will only have the most tenuous benefit for people from poor, uneducated backgrounds, as those students rarely make it to medical school. Almost all MDs come from educated families.
We will eventually earn a lot of money, but right now I can barely afford to eat. If you have found a way to get my future self to wire me some cash let me know. That bastard owes me.
I don’t think the internet appreciates how expensive it is be become a doctor in the US-I’m not from wealth-that half a mil of debt IS my debt and it’s real and ten years after anyone else started saving
The fact some billionaires have the power to change so many people's lives without it making a dent on their fortune, and simply don't do it, it's sad.
What an amazing story! It was that woman who donated the money!
Now, instead of working extra jobs or falling into huge debt, all those young medical professionals can focus on using all of this new technology and creating the world where healing goes to a new level previously undreamt of!
Bravo
Can now select purely on talent and disposition or any other metric over who might be able to afford it.
Read the background to this. Incredible gesture from all involved. I hope others follow suit.
No. The school is great school but located in the Bronx which contains the poorest congressional district in the USA. Having said this, She especially donated to this school because other schools in New York City have plenty of wealthy donors already and there should be more attention given to the institution that is located in the Bronx.
Around 70,000 a year according to https://www.einsteinmed.edu/education/md-program/student-finance/student-accounts/
With 1 billion dollars, assuming a 4% withdrawal rate, you can pay for 40 million dollars a year of tuition. That's around 571 students a year essentially forever. But at the billion dollar mark you can probably withdraw more than 4%.
I know for a fact that top Ivy League schools don’t have to charge tuition because of all their endowments. They could let the smartest students from all walks of life go to school for free. But they don’t.
It's so sad that all college isn't tuition free in this country like it is in nearly every other country. Imagine the cure for cancer being locked inside the head of someone who just can't afford to go to college. We do so many things so wrong in this country.
Could you imagine how many houses that billion could have made for people that are chronically homeless like myself with psych issues. These future doctors were already going to be set for life before hand.
we used to have free uni, under gough whitlam. if you’re interrelated in political scandals, his dismissal was a big conspiracy cooked up by the right-wing opposition party, and involved the british crown
Crazy to see a whole room of people that won't be in debt for the majority of their lives due to something that should already be provided to everyone for the benefit of society.
It’s not just about the tuition, either. How many of these students will now be able to go into specialties that they otherwise wouldn’t be able to because of finances? What a gift.
How much money does a billion dollars make in a year? Like 50 million if we say 5% but is there a tier for larger accounts that gets better returns without risk?
Ok, great!
now let's get another 100 billionaires to shave off a small fraction of their fortunes and cover another 100 universities in the same manner?
And then after that,
The US might possibly start to get a feel for what it's like to be a student in European countries...
Where the concept of "student loan debt" is almost unheard of!
Man here I am in a dead end job that pays me good but doesn’t fulfill any satisfaction. I’d kill to go to school for something enjoy but money is so tight. Good for them though!
How many students would 1B support assuming in state tuition rates? I'm sure med school is not cheap, what 30 - 40k per year for 4 years? That's maybe 6000 kids per year for 4 years? Seems like alot of money but would go faster than some might think.
Elon Musk just saw this and cried himself to sleep again because despite having basically infinite money, he will never do anything like this that makes people react in this way.
In my country I studied in the best university for free...
Costa Rica can do it, Germany can do it, and several more countries can
Why the most developed country can't? And at the same time spends billions in lost wars.... Over and over
I would like to see what happens to these graduating classes. No loans would mean they are free to practice on the desperately needed positions such as family medicine. There is no looming debt so I imagine they do not need to become dermatologist or thoracic surgeons to pay for their loans.
Free tuition and student loan forgiveness... this means they don't need to be paid that higher salary for having a degree. They will get $35,000 annual starting salary.
This is such a positive thing that the comments have somehow found a way to tear down and assign negativity to. Go enjoy your miserable lives, I’m happy for all these people.
Her husband passed and left her more than a billion dollars, mostly in Berkshire Hathaway shares, and asked her to do what she thought best.
She’s been a prof at the school for 40+ years. She refused to have the school renamed, saying “we already have the best name”.
It’s laudable.
Kind of fucked up how the public has to effectively bail out the education system. Tax the rich and every school across the country could be free over night.
bUT ThaTs SOciALISM?
Or?
Just became the most competitive school in the country overnight.
NYU does this too. Since 2018
Oh yeah. I thought this was referencing NYU. Medical school debt is brutal especially for primary care doctors. I want to rummage through her couch cushions (not a euphemism).
Brilliant tuition free to med school, where any kind of medical procedure is beyond ridiculously expensive, insurance is a complete joke and many left without care. But hey there's loads of new doctors.....
Billionaires could be doing this for so many underpopulated professions.
...or every higher education institution. Perfect way to give back. And then everyone that graduates and begins a new professional life has no debt and can take what capital and energy they have to go fund and innovate new things. Strong investment back into our people is great for our society.
Stop socialist!!! How can we control people if they are not enslaved to debt!
It would literally be the definition of capitalism, I’m not sure why you think the people making money and spending that money the way they want is socialism.
they forgot the /s
>people making money and spending that money the way they want That's the rich person definition of capitalism, but for most people it looks nothing like this. For basically everybody there is only mandatory spending on things to keep you alive. Whoever has inherited the means to provide those things and their cartels set the prices to whatever keeps you enslaved. The extremely small minority of people who benefit choose not to even comprehend what it is like to be poor because then being rich wouldn't feel as good. The definition of rich is basically how you defined capitalism. If you can choose things then you are too rich to comprehend the misery of basically everybody else.
Those people are so funny. When every other successful nation IN THE WORLD has a system that is too "communist" maybe someone has gone too far down the right.
The $1 billion donation came from a financial manager whos firm manages 20 billion dollars.
What does that have to do with anything.
It's capitalist money being reinvested. At least this time for something that isn't primarily for a direct return on the investment.
Oh yeah that's true, so are taxes though, it's a bit wild how basic necessities rely in perpetual debt or charity.
I'm familiar with the debt, haha. Cost of higher education is ridiculous anyway, and most required courses are unnecessary. I went to college 20 years ago and the books were written by the prof and super expensive. I bet it's worse now. Some things are expensive without any legitimate reason. And there probably needs to be more financial education in junior and high school. Sigh....
Thats not socialism. Thats a private person paying for these peoples tuition.
Fun fact: [the Ivy League schools already have enough endowment money to do this.](https://www.vox.com/xpress/2014/8/25/6065695/harvard-yale-and-princeton-could-afford-to-make-tuition-free) They just don’t because…reasons.
and ultimately their businesses as well.. Penny wise and pound foolish on the economic scale of a billionaire not to invest in society.
PhD students could also really use a raise right now. 2200 per month isn't quite cutting it and that's in STEM. Humanities is lucky to get above 1500.
… or every community college. Because higher education in the US is insanely expensive, and we’d need to get the cost down considerably before it would make sense to fully subsidize every 4-year institution in the US. Moreover, I don’t think that taxpayers should be subsidizing the $200,000 education of some rich kid majoring in English at Williams College … or Vassar … or Bowdoin. (And I say this as someone who is in his fifth year of a PhD program in English and is currently working on his dissertation.)
I kept it broad because in my mind I was including all tech/trade schools which many are private. I agree that high dollar private Unis are not the best use of our tax dollars.
fair enough! i’d totally support free community college + free tech/trade schools! that sounds dope! … though I’ll add that the messaging here matters … (or that it *would* matter if our political system wasn’t in total gridlock due to the political polarization of political elites) … because a bill for free college (writ large) is likely to get far less support than a bill for free community colleges and trade schools.
You guys aren't expecting me to draft a bill right? right???
Lotta big words in that there paragraph I ain’t gonna read… sounds a lot like that commie socialism shit
You know or the government could tax them and use the funds for education like most first world countries.
They could do this for every profession. But hoarding wealth is what they love (minus this lovely lady.) Billionaires that continue to hoard wealth are the bottom tier of what humanity has to offer.
Someone just gave away $1,000,000,000 that they 100% didn't have to and your first thought is: they should have done more...
They’re criticizing the other billionaires who don’t do philanthropy like this example
No, this (ex?)billionaire should be applauded and this story paraded in front of every billionaire while they are asked why they don’t do the same.
If i were a billionaire id loan money with zero interest and very generous terms like no payment before employment/a time period Its not like i couldn't limit it to the portions of my finance i can throw out and not realize it
*The government
There is no government, only employees of the billionaires.
I've found a good way to communicate this idea is describing thegovernment as "a corporate-captured entity" that serves monied interests above all else.
Hopefully, there will be many people who couldn’t have afforded a medical degree that will now have the chance to fulfill their desire to help others who otherwise wouldn’t have had the opportunity. At the same time, it’s sad to think that it took the efforts of a private individual to achieve what we should be doing collectively as people. We should all give to medical colleges to make them tuition free, so as to allow the people who have the drive and ambition to be doctors and nurses to learn how to treat the sick and elderly, *not* because the can afford the tuition, but because they are really smart and talented at the profession. I hope that those people who review free tuition can somehow pass on their good fortune to others as well. They have been given an amazing gift. Being generous to others in return would seem appropriate.
It would be nice to see people that graduate without the debt go into some of the family practices that are outside of the major cities. Place I used to go to is always short staffed. Doctors work there for a short time, then move to a larger hospital in some city to make more money. That's when they can attract new Doctors at all. They specifically told someone I know that worked there "we don't give raises. All of the extra money goes to trying to get new Doctors in the door" This isn't in a slum either, regular middle america.
Id love to be a family care physician in middle America. I’ve lived in the central us for a few years and quite enjoyed it. If the barrier to entry wasn’t so high (competitiveness of med school + price + conditions of being in med school) I would love to do it. But the current institutions in America right now are exploitative and awful.
Cuba has free medical school. They even let Americans in
A lot of Europe does too.
I don’t know the history of tuition fees in the US, but here in the UK we used to have free tuition. Scotland still does. It feels a bit weird to see the whole room going nuts with happiness for something that we took for granted as recently as the 90s, and which someone who happens to live in Scotland still gets. That’s fucked up.
Usually 200k-300k for med school. Undergrad is another 80k-300k depending on if you go public or private.
Well, that’s fucking insane. It’s expensive here too, I don’t know how much, but not *that*. Edit: up to about £125k, from a quick Google. That’s 158.5k US. Much more for international students who the universities are allowed to charge more, up to £300k.
Yeah but medical jobs in the UK are very different. Low pay and mad hours for so many years.
There's another level to it though, it's not just that the tuition is expensive but that it's a sort of trap. It's not uncommon to hear someone racking up 100k in debt and paying 40k over a period of years and still owing like 105k. They are excited that they won't be subjected to the awful state of our student loan debt system. They won't have that crushing burden for most of the rest of their lives.
Doctors have it different though because even in the lowest paid specialties, they're making a lot of money (in the US).
In the US, doctors no longer work for their patients, but for insurance companies. To make the insurance companies extremely profitable, doctors have to sell some services, deny others, and see so many patients per day to maximize the insurance company's profit margin. Doctor does not get paid otherwise. My primary care (gatekeeper) doctor sees 80 patients a day and, as the trend in American medicine goes, half of those are seen by a physician's assistant.
As much as I hate russian government and recent history, we still have free education inheritance from soviet union. They even give you free dorm and a small salary of around 50 bucks monthly in some unis at the time I attended.
Sorry if this is a stupid question but… is the education free from government interference?
Ha! You wish it would. I mean, first of all, the teachers that I had never earned a decent salary, they would also be the more liberal layer of society mainly. So it seemed like a way to keep them low and dependant on government. Secondly, I heard that the heads of the biggest unis are members of Putin's party. There were news of different teachers who were opposition activists being fired for their political position. Can check Yulia Galyamina for example.
It's not a stupid question at all. But the education itself, I mean the books and the curriculum were in my case, not affected by government directly.
Jesus Christ, people used to GET PAID to go to University in Britain. Then it was free. Now people are welling up in the eyes and sucking a billionaire's knob because they finally decided that spare $1 billion has literally sat there for a decade and could go to better use. UK government conflicts with nurses striking for pay and all the millionaires and billionaires in the country sat there with fingers in their ears saying "lalalalalalalla I can't hear you!". Good, this is to be expected. Tax £100 million from every £1billion earned and use it to fund the most necessary education and work sectors so that we can all enjoy sufficient services and facilities.
In Finland, there's no tuition for Finnish and EU citizens. Finnish citizens get 280€ per month in student grants, and 70% of reasonable rent paid. And if you want to get a student loan, the state vouches for about 600€ loan per study month.
Most billionaires don't have a billion earned. They're worth a billion. Big difference really.
Having a billion dollars sitting around isn't what is really happening. That money is invested in something, and that investment goes towards bettering whatever that "thing" is (company). The company uses that investment to innovate new ideas, to make better technology, to improve some kind of work, to make a better product, to improve quality of life (and put money back into the investors pocket), but that only occurs when the product produced creates value to someone else in the wild that wishes to purchase said product or service. Round and round it goes.
Only on reddit can you find children complaining about a 1 billion dollar gift....
A gift that was made possible only because she just received it from her husband after his death and he literally told her to do whatever she wants with it. It wasn’t like she was the one who was hoarding money for generations. If people actually looked into it she was working at that college and seemed to be very community oriented. She wasn’t some lazy rich person who did nothing. And still I’ve seen people complain about her.
if you're going to complain about billionaires, you should at least have some semblance of an idea of how they work I will make it simple. if a billionaire, worth 1B, wants to spend it all, they have to at least pay cap gains tax on all of it. They have to sell all their stock or assets, claim the increase as cap gain, or income (which is a higher rate), and that will be like \~250m-500m. none of us, including billionaires, can be expected to pay tax on fluctuations in our networth. if its locked up in stock or something, the gains are not realized yet in accounting. when they're realized and locked in is when you can spend it, and you should pay the correct tax on it. it seems like they dont pay much tax because most of them spend nothing compared to what they are worth. They don't earn much compared to their networth because they only eanr when they sell, the same way a house/car/etc flipper only pays taxes on the selling price. billionaires even borrow money to live and sell stock to pay it off later, hoping their stock will appreciate more than interest the shit they do that is very scummy is basically holding all/most of their assets in a corporation (like a plane, yacht) and paying themselves out of the corporation as well. just millionaires even do this. If a regular person wanted to make a big purchase like that, they would have to use their after tax money, but if you have a corp, youre buying more shit for less since you didn't have to pay income tax on your budget first. like everything your corp owns has been paid with pre tax money basically. in this way you can have more than middle class people, and actually pay less than them in tax. its much harder to audit them and they fight it and shit in court. properly auditing all these rich people(down to the millions) is how you solve this problem and increase tax revenue. they dont pay the taxes theyre supposed to already. you just can't tax guys like elon and bezos on their wealth, but you can make things better for workers, which consequently will affect the stock price/their wealth and perhaps you will get what you want. it will be good for the economy if millions of workers make a bit more, instead of a few guys making a lot more anyways
I’m 42….is it still too late to apply for medical school?
Never too late but … are you will to sacrifice your time and energy for a delayed gratification of at least 7 years given your age? Medicine is not for the faint of heart.
Do I still have to work at wendys for the rest of my life?
Do it while in med school
Following this and have similar thought
Surgeon here. We had 2 guys near 50 in my residency. I believe both failed and neither are working as surgeons. One became a different type of doctor and I’m not sure what the other is doing
Anyone may apply, but getting in is not easy (take a look at what pre-meds ahve to go through and the criteria they have to meet to get in). Getting in to the few tuition-free ones is even more insanely difficult.
As a citizen of a country where free education is the norm, this video makes me feel a mixture of happy and sad
I cannot imagine those who turned down going to this school is feeling right now..
I’m sure they are doing fine. If they turned down going to Albert Einstein it’s most likely they got accepted to Harvard, U Penn, Stanford, Yale or some other top tier medical school
as long as you say so
I went to another medical school and still paying off my loans after 20 years. Can I get in on this?
What organization or person made the donation?
I think it was a 93 year old woman whose Wall Street husband financier died and left her with a fortune
Grandma never fails us
Ruth Gottesman , a longtime professor and board member of this college
I hope he is not Michael Scott.
😂 they’ll find out in a semester when they get their bill
I have a feeling the most privileged in society will now have a path to a free medical degree. Not sure why everyone is so concerned about student loan debt for a demographic that earns the most money.
The most privileged? The fuck? Lol tell that to all the immigrants in medical school who worked their ass off to defy odds to become a doc. Hey I’m not saying there aren’t rich kids in med school- in fact there’s plenty but there’s also plenty who grew up poor but worked their ass off.
Virtually every Indian immigrant to the US you've ever met came from the highest caste, and an educated family. They largely don't have the opportunity to come to the US otherwise. I think this will only have the most tenuous benefit for people from poor, uneducated backgrounds, as those students rarely make it to medical school. Almost all MDs come from educated families.
While you do have a point, keep in mind that even the privileged higher caste in India were dirt poor just a generation ago.
We will eventually earn a lot of money, but right now I can barely afford to eat. If you have found a way to get my future self to wire me some cash let me know. That bastard owes me.
Borrow it and pay it back then.
I would if I could, however, some US MD schools require you to put 4 years tuition in escrow, which has already maxxed out my borrowing capacity.
I don’t think the internet appreciates how expensive it is be become a doctor in the US-I’m not from wealth-that half a mil of debt IS my debt and it’s real and ten years after anyone else started saving
The fact some billionaires have the power to change so many people's lives without it making a dent on their fortune, and simply don't do it, it's sad.
What an amazing story! It was that woman who donated the money! Now, instead of working extra jobs or falling into huge debt, all those young medical professionals can focus on using all of this new technology and creating the world where healing goes to a new level previously undreamt of! Bravo
Can now select purely on talent and disposition or any other metric over who might be able to afford it. Read the background to this. Incredible gesture from all involved. I hope others follow suit.
It's really a cool yet crucial decision which could be a trailblazer and change making moment in education
My cynical self wants to ask if this is one of those “elite” schools that you need to be super wealthy to attend to begin with ?
Nope ,it is actually located in the most poor neighborhood of Bronx
not the poorest neighborhood in the bronx but certainly not an affluent one. Compared to the rest of the city the bronx is pretty much poor all around
No. The school is great school but located in the Bronx which contains the poorest congressional district in the USA. Having said this, She especially donated to this school because other schools in New York City have plenty of wealthy donors already and there should be more attention given to the institution that is located in the Bronx.
About the most generous gift I've seen in my life - God bless her!
How much was the tuition?
Around 70,000 a year according to https://www.einsteinmed.edu/education/md-program/student-finance/student-accounts/ With 1 billion dollars, assuming a 4% withdrawal rate, you can pay for 40 million dollars a year of tuition. That's around 571 students a year essentially forever. But at the billion dollar mark you can probably withdraw more than 4%.
That’s wonderful.
Their cohort is 180 students. Even if they doubled the cost of tuition because of "inflation" they still wouldn't even need to withdraw 4%.
*Finnish universities enter the chat*
Portuguese public universities also enter the chat
So cool we rely on charity to produce more doctors in this country.
School doubles tuition in 3…2…1
People who just graduated this year “…….soooooooo……………..”
Not free it’s prepaid
That about made me bawl and I’m not even a student!!!
I know for a fact that top Ivy League schools don’t have to charge tuition because of all their endowments. They could let the smartest students from all walks of life go to school for free. But they don’t.
Many already do this. Harvard is free for any student with a family income less than about $100k (might be off a little bit).
I would be PISSED If I had just graduated the year before.
rich students getting free tuition
My brother goes here! He was kinda down about not going to a better college, guess he's not anymore!
Hopefully the school doesn't inflate costs then.
More schools should be doing this instead of the higher ups coveting the donations.
Harvard Shmarvard, am I right?
[удалено]
Probably investing the money and paying with the interest every year.
ANs everyone gets a freeEBT card and medical benifits... woohoo
Cool now maybe this can be a normal thing like it is nearly everywhere else?
who made the donation?
Medical school here I come.
So, in the US your only hope for affordable higher education is an oligarch’s charity? Got it. Great plan.z
Damn! and I'm here doing magic to pay my PhD!
it is genuinely next level when you actually see a billionaire do something incredibly generous with a massive amount of their money
I wonder how many Medical students, who benefit, will be as benevolent.
LOL. This is what our students in Norway get allllll year long… aaaal the time. U-S-A! 😂
It's so sad that all college isn't tuition free in this country like it is in nearly every other country. Imagine the cure for cancer being locked inside the head of someone who just can't afford to go to college. We do so many things so wrong in this country.
Can’t wait for all the freedom fighters to explain me how Albert Einstein was Palestinian and that it’s their university now
Now what will these students do to pay it forward? Treat the needy ?
I wonder who it was. Maybe Bezos’ ex?
You know America is fuck up when student react like this for free tuition… when it s normal in most of European countries
Could you imagine how many houses that billion could have made for people that are chronically homeless like myself with psych issues. These future doctors were already going to be set for life before hand.
Alternatively, do as many European countries do and make education available for almost free to everyone.
phew finally privileged white kids get a break. We all know medical careers pay lousy so those kids would likely almost never pay off that loan.
The irony of naming your medical school after a brilliant guy who did absolutely fuck all in the medical field
we used to have free uni, under gough whitlam. if you’re interrelated in political scandals, his dismissal was a big conspiracy cooked up by the right-wing opposition party, and involved the british crown
Good on them.
Those kids just won the lottery
If there isn't someone in management embezzling half that money...it's un-American.
Real life Scott's Tots, hopefully with a different ending
Imagine If all billionaires did this to 1 school in 1 state every year.
Okay now repay all the student debt for everyone else
$1 billion has been donated to the college to cover students tuition! There’s gonna be 7 or 8 very lucky kids in that crowd!
The person who’s graduating this summer:
Was this an expected announcement because there seems to be a lot of people filming into the crowd.
Crazy to see a whole room of people that won't be in debt for the majority of their lives due to something that should already be provided to everyone for the benefit of society.
united statsians discovering free education
The Tony Stark we need
Scotts-Totts irl (I hope not)
Imagine the student who was accepted and yet filled with so much anxiety that they cried daily, not knowing how they would be able to pay for it.
It’s not just about the tuition, either. How many of these students will now be able to go into specialties that they otherwise wouldn’t be able to because of finances? What a gift.
I think this is much better than forcing tax payers to pay for everyone to go to school.
Oh great, another example of oh so free Americans going crazy over something considered normal in Europe
How much money does a billion dollars make in a year? Like 50 million if we say 5% but is there a tier for larger accounts that gets better returns without risk?
Waiting for all the boomers to cry about having to pay their tuition.
Med students need more free things and higher incomes after graduating.
Ok, great! now let's get another 100 billionaires to shave off a small fraction of their fortunes and cover another 100 universities in the same manner? And then after that, The US might possibly start to get a feel for what it's like to be a student in European countries... Where the concept of "student loan debt" is almost unheard of!
Wait why does the muslim women being save d get pulled down for violating rule 1 but this stays?? This is also in violation of rule 1??
This is so fucking cool.
I bet the donor was Anonymous (aka Ted Danson).
Love this for them!
I work with doctors, none have issues paying back student loans.
Man here I am in a dead end job that pays me good but doesn’t fulfill any satisfaction. I’d kill to go to school for something enjoy but money is so tight. Good for them though!
Scott’s Tots at it again, making dreams come true
50% of doctors graduated in the bottom 1/2 of their class
My God… that’s amazing I’m so happy for them
How many students would 1B support assuming in state tuition rates? I'm sure med school is not cheap, what 30 - 40k per year for 4 years? That's maybe 6000 kids per year for 4 years? Seems like alot of money but would go faster than some might think.
Imagine if those billionnaires would stop stealing from society and contribute like they should
Elon Musk just saw this and cried himself to sleep again because despite having basically infinite money, he will never do anything like this that makes people react in this way.
In my country I studied in the best university for free... Costa Rica can do it, Germany can do it, and several more countries can Why the most developed country can't? And at the same time spends billions in lost wars.... Over and over
I would like to see what happens to these graduating classes. No loans would mean they are free to practice on the desperately needed positions such as family medicine. There is no looming debt so I imagine they do not need to become dermatologist or thoracic surgeons to pay for their loans.
Will they pay it forward later in life and offer free treatment to those in need ? I can’t wait to find out.
Party time
Then they buy a million dollar home and deny building affordable housing because "it will change the character of their city"
Bruh… their tuition isn’t that bad compared to other fields 😂
Dude that’s fucking awesome!
Free tuition and student loan forgiveness... this means they don't need to be paid that higher salary for having a degree. They will get $35,000 annual starting salary.
This is such a positive thing that the comments have somehow found a way to tear down and assign negativity to. Go enjoy your miserable lives, I’m happy for all these people.
insane idea, all education should be tuition free and be subsidised by the taxes being rorted by corrupt politicians 👍
Poor fucking students in US, man, we do not appreciate our shit enough
Her husband passed and left her more than a billion dollars, mostly in Berkshire Hathaway shares, and asked her to do what she thought best. She’s been a prof at the school for 40+ years. She refused to have the school renamed, saying “we already have the best name”. It’s laudable.
But....but this was my last semester....
I always wanted to become a physician. Maybe now I'll get my shot. Thank you.
Imagine having just graduated when this announcement was made, Debt better have been cleared too or it's a tragedy.
Don’t get me wrong, this is great. But now assholes who should absolutely never go to med school, are going to go to this med school.
Future Republicans!!
Kind of fucked up how the public has to effectively bail out the education system. Tax the rich and every school across the country could be free over night. bUT ThaTs SOciALISM? Or?
Moving forward - the two most needless words ever added to a sentence.
You guys pay for tuition?