Tuition-free medical school offered by NYU

School of Medicine announces it is offering full-tuition scholarships to all current and future students in its MD degree program regardless of need or merit Aug. 16 2018

The yearly tuition costs covered by the scholarships amount to $55,018.

"This is going to be a huge game-changer for us, for our students and for our patients", said Dr. Rafael Rivera, associate dean for admission and financial aid.

Many surveys have shown that medical school graduates gravitate to the more lucrative specialties, in part to pay off enormous student debts.

NYU School of Medicine is taking a big step to east student debt for its attendees by offering full-tuition scholarships to all current and future students in the school's MD degree program. That is partly propelled by the fact that almost half of third- and fourth-year students say that their choice in medical specialty is influenced by projected income-or by debt burden.

NYU School of Medicine made the surprise announcement at its annual White Coat Ceremony on Thursday - when new students receive a white lab coat as they begin their studies.

NYU estimates it will need about $600 million to fund the tuition package in perpetuity.

The school described the move as an "effort to simultaneously address the rising costs of medical education and still attract the best and brightest students to careers in medicine". One thing is for certain: It just became even harder to get into NYU. Fresne also emphasized that although medical school is expensive, the federal government offers financial loans to cover the full cost of tuition and repayment plans take into consideration income. As of the 2017-2018 school year, its students earn at least $60,000 per year for each year of medical school in return to committing to seven years of active duty in the armed forces after graduation.

The debt can also affect what specialty students choose to pursue, deterring some from the lower-paying positions in pediatrics and primary care. The Association of American Medical Colleges calculates that it costs an average of more than $240,000 to attend a public medical school.

Other high-profile schools have sought in recent years to make their pricey programs more accessible. It does not cover living and administrative costs averaging US$27,000 a year.

Dr Robert Grossman said that "aspiring physicians and surgeons should not be prevented from pursuing a career in medicine because of the prospect of overwhelming financial debt". "I think a lot of schools would love to be able to do this, but it's more hard for some schools".

Fresne said multiple factors influence what kind of medicine a student chooses to practice after medical school, like personality fit and role models.

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