NYU School of Medicine announced Thursday it will provide all current and future students full-tuition scholarships to attend medical school. 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. In a surprise announcement, NYU revealed it would foot tuition-about $55,000 per year-for all medical students going forward.
Graduates move towards higher-paying areas of medicine over paediatrics, primary care or gynaecology due to their "staggering student loans". The NYU Medical Center is named after Langone and his wife, Elaine.
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. It has raised more than $450 million. The school also implemented in 2013 an accelerated 3-year M.D. program so students could start earning a salary one year earlier.
"It addresses both physician shortages and diversity", said Rafael Rivera, the associate dean for admissions and financial aid at the school, in a statement.
The Wall Street Journal reported today the move is a first among major USA medical schools.More news: Turkey Financial Crisis: Stocks at Record Low as Lira Plunges Again
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The school plans to refund out-of-pocket tuition payments already made for the current year and return loans students already may have taken out.
Students must still however cover the cost of living expenses and accommodation.
The crushing weight of debt that medical education places on students-debt that averaged some $191,000 across all schools and more than $206,000 for private schools in 2017, according to the Association of American Medical Colleges (AAMC)-has consequences for prospective students and the future contours of US medicine alike. 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. Among those with debt, the average student owed almost $191,000, which rises to $202,000 among private medical school graduates.
Those 93 students will benefit from the scholarship, along with 350 others enrolled further along in the program.