Media mogul David Geffen has awarded $100 million to the UCLA medical school to cover the cost of an education for over 30 medical students. The sheer size of the award is remarkable and establishes the “noblesse oblige” of the mogul. Geffen for his part got his reputation as a wonder kid with the start-up record label Asylum in the early 1970s by signing acts that other labels were not interested in and scoring commercial success with them such as Bob Dylan and Jackson Browne. However, it wasn’t until his return to the music business in 1980 that he made got his real success by stunning the record world by signing Donna Summer, Elton John, and John Lennon.
ABC News reports that “Medical school debt load continue to grow, with 86 percent of med students racking up $170,000 or more in loans to get their degrees, according to the Association of American Medical Colleges. Tuition at UCLA is approximately $38,000 per year — $67,000 when all other expenses are counted, according to the faculty.”
Geffen, now in his sixties, has transitioned into philanthropy and has a deep love for the UCLA medical school. Ten years ago he awarded the medical school $200 million but his single award of $100 million is specifically to allow for all expenses paid scholarships for over 30 students.