New York University will offer a scholarship that covers tuition to every new, current and future medical student, it said 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. "It was awesome to see the emotions on their faces".
NYU School of Medicine also offers an accelerated three-year M.D. program, which is also covered by the full-tuition scholarship program. The median cost of tuition at all private medical schools, like N.Y.U., in the 2017 to 2018 school year was $59,605 - up 4% from the previous year, according to the Association of American Medical Colleges. The university added that medical school debt is "reshaping the medical profession", encouraging graduates to choose more lucrative specializations to pay off their educational debt rather than choose primary care.
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The program covers a yearly tuition of $55,018, NYU says. Prospective doctors can carry some of the highest debt burdens. We were horrified: The notion of tuition-free medical school-admittedly something that had been circulating in the pre-orientation rumor mill-seemed imaginative at best, delusional at worst, and thoroughly inconsiderate on day four of probably the most debt-accumulating pursuit in our adult lives.
NYU said the free tuition would cost about $600 million to fund indefinitely, and that it had raised $450 million of that already, according to The New York Times. That is partly propelled by the fact that almost half of third- and fourth-year students say that their choice in medical specialty is influenced by projected income-or by debt burden. The scholarships will help 93 first-year students along with 350 already partially through the program, the Journalreports. That debt pressure can steer new doctors away from research, community-based work and general practice, which may not be as highly paid as medical specialties.
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. "The day they get their diploma, they owe nobody nothing", Kenneth G. Langone, the board of trustees chairman for NYU Langone Medical Center, told USA Today.
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