submitted 8 months ago by Oofnik@kbin.social to c/news@kbin.social

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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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[-] fubarx@lemmy.ml 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.

this post was submitted on 26 Feb 2024

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