School officials made the announcement at the end of NYU School of Medicine's White Coat Ceremony for first-year medical students on Thursday, notifying students and family members that it would cover the costs of tuition for 102 first-year students and 350 continuing students who have already completed some of their medical education.
Other medical schools have attempted to assuage the financial burden of medical school, including the University of Houston's College of Medicine, which offered full scholarships to its inaugural class. On average, students who graduate from public medical schools are left with about $181,000 in debt, according to the Association of American Medical Colleges. "It was awesome to see the emotions on their faces".
The skyrocketing cost of tuition can lead to hundreds of thousand of dollars in debt, which can be out of line with potential earnings, has been a source of much debate across the nation.
NYU School of Medicine is the first private USA medical school and the only one ranked in the top 10 to offer free tuition to all its students, the university said in a press release.
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This is a breaking news story. The tuition goes up about 2-3% every year depending on operating costs but the scholarship will be able to cover the rise in tuition each year, Rivera said. NYU students can choose between the traditional four-year MD program or an accelerated three-year degree. Tuition and its debt burden may be a factor contributing to the projected shortage of up to 120,000 physicians in the United States by 2030. Langone Health, told The New York Times. The medical school said it is the first top 10-ranked medical school to provide full scholarships regardless of need or merit.
Areas doctors are being steered away from include primary care, pediatrics and obstetrics and gynecology. So far, NYU has raised $450 million of $600 million it says it will need to fund the program. By liberating both prospective and present medical students from the shackles of educational debt, a medical school can alter the topography of American health care by helping increase diversity in the provider population, improve access to care by minority patients, resolve the deficit of primary care physicians, and empower the battle against burnout.
"We want people to pursue those fields because it's their passion", Rivera said.