This latest move by the university is an attempt to arrest the tremendous debt students must contend with after graduation as well as expand career options for graduates.
There has been worrying concerns among some university officials that rising educational costs are forcing new doctors into high-paying fields and contributing to a shortage of researchers and primary care physicians.
At the same time, several medical schools have been developing and creating innovative ways not only to reduce the debt burden on graduates but also open more career options to students.
NYU is reported as having raised more than $450 million of its projected cost of $600 million that it would take to fund its new tuition package in perpetuity, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine.
According to a press report, the school will provide full-tuition scholarships for 92 first-year students—another 10 are already covered through M.D./Ph.D. programs—as well as 350 students already partway through the M.D.-only degree program.
“This is going to be a huge game-changer for us, for our students and for our patients,” reportedly said Dr. Rafael Rivera, associate dean for admission and financial aid.
The report also noted that the school will refund out-of-pocket tuition payments already made for the current year and return loans students may have taken out.
Nationally, 72% of graduates from the class of 2018 had debt from medical school, with a median of $195,000 in loans, according to student surveys by the Association of American Medical Colleges. More than one-third of medical students also have student loans from prior academic programs.
Sixty-two percent of NYU medical school’s most recent graduating class had student loans, averaging $171,908 for medical school and $184,000 overall.
Most medical students will still need to pay about $29,000 in annual room, board, and other living expenses; tuition had been set at $55,018 for the coming year.
Readers Bureau, Contributor
Edited by Jesus Chan
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