New York University medical students received life-changing news on Thursday - the School of Medicine will cover full tuition going forward for all current and future students, regardless of need or merit. The new policy was announced at a "white coat" ceremony welcoming new medical students.
According to The Wall Street Journal, the institution has so far raised over $450 million of the almost $600 million it needs to fully cover the costs of its medical students' tuition.
Incoming medical students and those already enrolled will receive an annual scholarship of $55,018 to cover tuition starting this upcoming academic year, NYU said.
NYU has raised more than $450 million of the roughly $600 million it needs to fund the tuition package in perpetuity, including a $100 million donation from Home Depot founder Kenneth Langone and his wife, Elaine, The Journal said.
The associate dean for admissions and financial aid, Dr. Rafael Rivera, says there's a "moral imperative" to reduce debt. Medical schools nationwide have been conducting aggressive fundraising campaigns to compete for top prospects, alleviate the debt burden and give graduates more career choices. The school also implemented in 2013 an accelerated 3-year M.D. program so students could start earning a salary one year earlier. Those range from around $27,000 to $29,000 per year, according to the medical school.
Seventy-five percent of doctors in the USA graduated with debt, according to the Association of American Medical Colleges, and the median current debt of a graduating student is $202,000.
For the 2018-19 academic year, that coverage amounts to $55,018 for each student.
More than half of the medical school's most recent graduating class had student loans, averaging out to $171,908 for medical school, the Journal reported.
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