A New York medical school is set to eliminate tuition fees following a “transformational gift” of $1 billion from a generous benefactor, announced the parent organization of the Albert Einstein College of Medicine.

This charitable contribution stands as one of the largest ever publicly received by an educational institution in the United States, leading to the abolition of the nearly $60,000 undiscounted annual tuition fee.

Situated in the Bronx, New York City’s most economically challenged borough, the school, along with its affiliated hospital, the Montefiore Medical Center, serves a community with some of the poorest health outcomes in the state, as per official data.

A video capturing the announcement on campus, shared on social media, depicted an auditorium of students responding with excitement, cheering, screaming, and applauding.

In a statement released late Monday, the organization declared, “Albert Einstein College of Medicine has received a transformational gift from Ruth L. Gottesman, Ed.D., Chair of the Einstein Board of Trustees and Montefiore Health System board member.”

“This historic gift — the largest made to any medical school in the country — will ensure that no student at Einstein will have to pay tuition again.”

The statement further outlined that all current fourth-year students will receive reimbursement for their spring 2024 semester fees, and starting August, all future students will benefit from tuition-free education.

Ruth L. Gottesman, 93, former clinical professor of pediatrics at Einstein and wife of David Gottesman, a former Wall Street financier, has been a significant contributor to the school throughout their lifetimes.