New York University offers free tuition to all medical students

New York University offers free tuition to all medical students

The NYU School of Medicine said Thursday current and future medical students will be awarded full tuition scholarships regardless of need or merit, reports CBS2's Ali Bauman.

That scholarship will cover a yearly cost of $55,018.

Additionally, students who are not saddled with six-figure debt after graduation can pursue fields that may not be as high-paying but still important, such as pediatrics and obstetrics, NYU said in a press release. The NYU Medical Center is named after Langone and his wife, Elaine. Home Depot co-founder Kenneth Langone, whose name adorns the health system affiliated with the medical school, contributed $100 million.

With the tuition scholarships, the school hopes to alleviate the rising costs of medical education, attract a more diverse class of top students and address physician shortages, NYU Medical School Dean Robert Grossman said on Thursday.

"This is going to be a huge game-changer for us, for our students and for our patients", said Dr. Rafael Rivera, associate dean for admission and financial aid.




Medical schools across the USA have attempted to respond to the student debt crisis by increasing their fundraising efforts to recruit competitive applicants, reduce student debt, and give graduates more flexibility with their career paths. So far NYU has raised $450 million.

"That's too late if we wish to expand the pipeline to bring forth the broadest, most talented group of students, and to give them the financial freedom to choose medicine over other careers", he said in a statement. Those range from around $27,000 to $29,000 per year, according to the medical school. 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. In 2017, 119 students matriculated from the medical school, which receives well over 7,000 applications a year.

This isn't the first time that a medical school has tried to help the physician shortage - but according to NYU it is the first time that a "Top 10" USA medical school has offered free tuition.

All students enrolled in the MD degree program are eligible, regardless of their financial need or academic performance.

The United States could see a shortage of up to 120,000 physicians by 2030, according to data from the Association of American Medical Colleges.

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