Tuesday, 16 October, 2018

NYU School Of Medicine To Pay Tuition For All Students

Be realistic when you calculate how much you’ll need to spend and your budget will be easier to keep Be realistic when you calculate how much you’ll need to spend and your budget will be easier to keep toGETTY IMAGES
Johnnie Parks | 17 August, 2018, 20:28

That scholarship will cover a yearly cost of $55,018.

Citing the risk of "overwhelming" debt, it says every student will qualify regardless of merit or financial need.

The announcement from the medical school's trustees, leaders, and faculty was delivered this morning to first-year medical students and family members as a surprise ending to the annual "White Coat Ceremony", where each new student is presented with a white lab coat to mark the start of their medical education and training.

"People shouldn't graduate medical school with the equivalent of a mortgage", said Rafael Rivera, NYU medical dean of admissions. "It was awesome to see the emotions on their faces".

New York University said Thursday that it will cover tuition for all its medical students regardless of their financial situation, a first among the nation's major medical schools and an attempt to expand career options for graduates who won't be saddled with six-figure debt.

The skyrocketing cost of tuition that can lead to hundred of thousand of dollars in debt, which can be out of line with potential earnings, including for prospective doctors, has been a source of much debate.

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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.

This is a breaking news story. On average, doctors now graduating from a private school do so with $202,000 in debt.

Seventy-two percent of graduates from medical school in 2017 graduated with a median of $180,000 in debt, according to data from the Association of American Medical Colleges cited by the university.

NYU raised more than $450 million of the roughly $600 million it estimates it will need to fund the tuition package in perpetuity, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine.

Rivera said the daunting prospect of financial debt has an "adverse effect on patient care" by "scaring away" talented students from a career in medicine and, in effect, causing physician shortages and a lack of diversity.

Medical school officials announced the scholarships today at NYU Langone Health's Tisch Hospital in Manhattan.

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