Historic $1 Billion Donation to N.Y.C. Medical School Means Students Won't Have to Pay Tuition Anymore

The school's president said he was “profoundly grateful” for the “historic and transformational gift"

Students at Albert Einstein College of Medicine in New York City have received life-changing news regarding their future at the institution.

On Monday, students learned the college would soon be tuition-free thanks to a sizable donation of $1 billion from Ruth L. Gottesman, Ed.D., chair of the Einstein Board of Trustees and Montefiore Health System board member.

Dr. Gottesman’s donation is the largest made to any medical school in the country, and will ensure that no student at Einstein will have to pay tuition again, the school said via a press release.

“I’m happy to share with you that starting in August this year, the Albert Einstein College of Medicine will be tuition-free,” a rep for the school said in a video of the announcement posted to YouTube.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.

Students leaped from their seats with joy after learning that they would no longer be required to pay for their education while enrolled at the college. Applause was heard in the auditorium and some were seen crying as they embraced one another in the clip.

“This is something significantly profound, affluence no longer dictates who can become a doctor,” one user commented on the YouTube video.

Related: Ben Napier Reveals He Struggled to Pay His College Tuition at Ole Miss: 'I Sold Plasma, Traded Vehicles'

On the school’s Facebook account, another individual who claimed to have been present shortly after the students received the news wrote, “I wish I could bottle the happiness felt in that room. Truly a day I'll never forget.”

“This donation radically revolutionizes our ability to continue attracting students who are committed to our mission, not just those who can afford it,” Dr. Yaron Tomer, the Marilyn and Stanley Katz Dean at Albert Einstein College of Medicine, said in a statement.

He added, “We will be reminded of the legacy this historic gift represents each spring as we send another diverse class of physicians out across the Bronx and around the world to provide compassionate care and transform their communities.”

Related: Inmates Rally Together to Pay For Student's $32K Tuition: 'They Genuinely Do Care About Me'

Although the tuition-free education does not go into effect until the start of the fall semester, all current fourth-year students will be reimbursed for tuition already paid for their spring 2024 semester.

Dr. Gottesman has been working with the college since 1968 when she joined Einstein’s Children’s Evaluation and Rehabilitation Center (CERC). Since then, she has started a first-of-its-kind adult literacy program and achieved other career accolades such as earning her master’s and doctoral degrees from Teachers College, Columbia University.

According to the press release, Dr. Gottesman and her late husband, David S. Gottesman, have a long history of charitable giving when it comes to the college.

Philip O. Ozuah, M.D., Ph.D., president and CEO of Montefiore Einstein, said he was “profoundly grateful” for the “historic and transformational gift.”

Dr. Gottesman added that each year, students at Albert Einstein College of Medicine earn their degrees and “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 to communities here in the Bronx and all over the world.”

For more People news, make sure to sign up for our newsletter!

Read the original article on People.