Yale School Of Medicine Receives $25 Million Gift For Student Financial Aid

Yale University has received a $25 million gift from The Starr Foundation. The money will be used to increase financial aid for students attending the Yale School of Medicine.

Yale enrolls about 104 students annually in its MD program. More than half of the students in each class receive need-based financial aid, with an average scholarship award of $66,000, according to the university. Nonetheless, many students still have to borrow money to finance their medical education.

With the help of the Starr Foundation gift, Yale said that, beginning with the 2023–2024 academic year, its medical students with demonstrated financial need will not need to take on more than $10,000 in loans per year, allowing them to graduate with significantly less debt than students incur at most other medical schools.

In addition, as part of Yale’s $7 billion For Humanity campaign, which has set a fundraising goal of $1.2 for student scholarships university-wide, the university will also make an equal and unrestricted contribution of $25 million to the medical school’s general endowment.

In announcing the gift, Nancy J. Brown, MD, the Jean and David W. Wallace Dean of Yale School of Medicine, said, “Reducing medical student debt enables exceptional candidates from diverse socioeconomic backgrounds to attend Yale School of Medicine and ensures that they have the financial support and freedom to pursue their education and future careers in medicine without financial burden.”

The Starr Foundation has made several contributions to Yale over the years, including gifts for its collections, international programs, and previous scholarships for Yale medical students.

“The Yale School of Medicine attracts the world’s brightest candidates and prepares them for leadership in every area of medicine,” said Maurice R. “Hank” Greenberg, who serves as chairman of The Starr Foundation. “This new program will help to eliminate any concerns about funding the cost of medical school, so that these aspiring doctors can focus instead on their vital work to alleviate suffering and promote health for people everywhere.”

Maurice R. Greenberg is chairman and CEO of Starr Insurance Companies, which was founded by Cornelius Vander Starr. In 1969, he formed American International Group, Inc. (AIG) out of a former Starr subsidiary. Under Greenberg’s leadership, AIG grew from an initial value of $300 million to $180 billion, becoming one of the largest insurance companies in the world.

Greenberg is also the chairman of The Starr Foundation, a philanthropic organization initially funded by Cornelius Vander Starr’s estate. Last month the Starr Foundation gave Georgia State University $15 million for its insurance and risk education programs within Georgia State’s J. Mack Robinson College of Business. The gift was the largest in the business college’s history.

“I am deeply grateful for this new contribution from The Starr Foundation,” said Yale President Peter Salovey. “Across the university, we have a goal to increase the scholarships we offer our students and to reduce the debt they carry upon graduation. Hank Greenberg and The Starr Foundation, by endowing scholarships in the School of Medicine, have enabled a permanent and significant expansion of the support we provide to our medical students.”