Published: Fri, August 17, 2018
Medical | By

NY University offers free tuition for all medical students

NY University offers free tuition for all medical students

Other medical schools have attempted to assuage the financial burden of medical school, including the University of Houston's College of Medicine, which offered full scholarships to its inaugural class. The endowment was first reported by The Wall Street Journal.

The practical implications for students pursuing medicine are myriad, especially at a school consistently ranked towards the top of its peers.

The crushing weight of debt that medical education places on students-debt that averaged some $191,000 across all schools and more than $206,000 for private schools in 2017, according to the Association of American Medical Colleges (AAMC)-has consequences for prospective students and the future contours of US medicine alike.

The latter reality is particularly problematic since, according to the AAMC, there is a projected doctor shortage of between 42,600 and 121,300 physicians relative to Americans' health care needs by 2030. Prospective doctors can carry some of the highest debt burdens.

NYU raised more than $450 million of the roughly $600 million it estimates it will need to fund the tuition package in perpetuity, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine.

Rivera also said the school plans to refund out-of-pocket payments already made for the current year and will return loans taken out by their students. At the same time, all current NYU medical students received emails saying the school is offering them full-tuition scholarships.

The newspaper said most medical students will still need to pay for their room, board and living expenses, which it estimated at about $29,000 year.

NYU said the move was to address the rising costs of medical education and still attract the best and brightest students to careers in medicine. Students nontuition costs in that program would be about $27,000 to $31,000.

Grossman said covering tuition for all students was at the forefront of his goals when he became dean about 12 years ago. More than one-third of medical students also have student loans from prior academic programs.

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