NY University offers free tuition for all medical students

NY University offers free tuition for all medical students

NY University offers free tuition for all medical students

To do that, NYU will now give all of its medical students a free ride, the Wall Street Journal reports.

FBN's Cheryl Casone on some colleges now asking students for a percentage of their future salary to cover the cost of tuition. Doctors graduate with crippling medical school debt and it sometimes causes them to seek higher paying specialties instead of lower paying ones that face shortages, like primary care or pediatrics.

"Our hope - and expectation - is that by making medical school accessible to a broader range of applicants, we will be a catalyst for transforming medical education nationwide", said Kenneth Langone, chair of the Board of Trustees of NYU Langone Health.

According to The Wall Street Journal, the institution has so far raised over $450 million of the almost $600 million it needs to fully cover the costs of its medical students' tuition.

"A population as diverse as ours is best served by doctors from all walks of life, we believe, and aspiring physicians and surgeons should not be prevented from pursuing a career in medicine because of the prospect of overwhelming financial debt", Dr. Robert Grossman, the medical school's dean and CEO of NYU Langone Health, said in a statement. It has raised about $450 million through endowments so far.

"People shouldn't graduate medical school with the equivalent of a mortgage", said Rafael Rivera, NYU medical dean of admissions.

NYU is the first private medical school and the only one ranked in the top 10 to offer all its students free tuition, a spokesperson said.

The full scholarships are a first among the nation's major medical schools and an attempt to help graduates avoid huge student loan debts, according to the newspaper. Those range from around $27,000 to $29,000 per year, according to the medical school. Tuition and its debt burden may be a factor contributing to the projected shortage of up to 120,000 physicians in the United States by 2030. On average, doctors now graduating from a private school do so with $202,000 in debt.

All students enrolled in the MD degree program are eligible, regardless of their financial need or academic performance. Fresne also emphasized that although medical school is expensive, the federal government offers financial loans to cover the full cost of tuition and repayment plans take into consideration income.

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