NYU Medical School Students Will Get Free Tuition

NYU Medical School Students Will Get Free Tuition

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.

New York University has a plan to encourage more medical students to pursue careers in lower-paying specialties: alleviate the six-figure debt that comes with pursuing a medical degree.

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" US medical school has offered free tuition. In the most recent application cycle, only 18 percent of matriculating medical students were African-American, Hispanic, American Indian, or native Alaskans, even though they make up almost 33 percent of the US population.

"There's really a moral imperative to reduce the amount of debt people have", Dr. Rivera said of the effort.

Trustees, leaders and faculty at NYU School of Medicine made the stunning announcement on Thursday morning at the end of the annual "White Coat Ceremony", where new medical students are given their white lab coats to mark the start of their M.D. degree program.

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Students will still have to cover room and board, as well as other living expenses.

"If you're faced with debt that you're likely to have into your 50s, it's got to have an influence on what you choose to do", Lee Goldman, dean of the Columbia University medical school tells the paper. -Ph.D program have already had their tuition costs covered by the National Institutes of Health. Those range from around $27,000 to $29,000 per year, according to the medical school.

In December, Columbia University received a $250 million gift from Dr. Roy Vagelos and Diana Vagelos, of which $150 million created an endowment that will cover the tuition for medical students who are deemed to have financial need at the renamed Columbia University Vagelos College of Physicians and Surgeons.

NYU Langone says 75 percent of doctors graduate in debt at an average of $200,000.

About 93 first-year students will receive full-year scholarships, on top of 350 students who are already in the midst of their medical program, the publication said. 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.

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