NYU School Of Medicine To Pay Tuition For All Students
Aug 18, 2018, 01:01
The university has raised $450 million out of the $600 million it estimates it will need to cover the scholarships, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine, according to the publication. The school claims that as the burden of student debt steers medical graduates into more lucrative specialties, fewer students are pursuing, say, primary care or obstetrics and gynecology, which don't pay as well.
"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.
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The Wall Street Journalreported today the move is a first among major USA medical schools. At the same time, all current NYU medical students received emails saying the school is offering them full-ride scholarships too.
Graduates from New York University (NYU) cheer during the commencement ceremony at Yankee Stadium in the Bronx borough of New York, May 2014.
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. Tuition is a key contributor here - 77 percent and 57 percent of African-American and Hispanic medical students respectively report educational debt in excess of $150,000, and African-American students are 2.7 times more likely than others to accumulate that much debt. Tuition had been set at $55,018 for the coming year. Those range from around $27,000 to $29,000 per year, according to the medical school. The financial support and commitment it takes for a school to provide such a broad incentive to students isn't realistic for all schools, said Julie Fresne, director of student financial services at the Association of American Medical Colleges. The scholarships were expected to offer free tuition to one-fifth of the school's students, with others receiving aid to meet their financial need.
About 75% of medical students across the country graduated with debt in 2017.
The university will provide full-tuition scholarships for 93 first-year students - another nine are already covered through an M.D./PhD program - as well as 350 students already partly through the M.D. -only degree program, the Wall Street Journal said.
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