NYU makes med school free

Be realistic when you calculate how much you’ll need to spend and your budget will be easier to keep

The scholarship covers annual tuition costs of up to $55,000 (£43,000).

"This decision recognizes a moral imperative that must be addressed, as institutions place an increasing debt burden on young people who aspire to become physicians", Dr. Robert Grossman, dean of NYU's school of medicine, said in a statement. The average medical student at a public university graduated with $181,179 of debt.

"Thanks to the extraordinary generosity of our trustees, alumni, and friends, our hope-and expectation-is that by making medical school accessible to a broader range of applicants, we will be a catalyst for transforming medical education nationwide", said Langone.

FBN's Cheryl Casone on some colleges now asking students for a percentage of their future salary to cover the cost of tuition. 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. So far, NYU has raised $450 million of $600 million it says it will need to fund the program.

To be sure, applications to medical schools exceed the available seats-the admission rate was just over 41 percent in the most recent application cycle. This can be one factor that ends with medical students committing suicide.

Student debt across the country has reached crisis levels, with Americans owing about $1.5 trillion in student loans.

"I'm proud to announce that as of right now, every student that we admit to New York University School of Medicine comes tuition-free", Kenneth G. Langone, chair of the board of trustees, declared in a video announcement on Thursday. The university's school of medicine says it will make tuition free for all students. Doctors graduate with crippling medical school debt and it sometimes causes them to seek higher paying specialties instead of lower paying ones that face shortages, like primary care or pediatrics.

Affordability is a hot issue in higher education, and the cost of obtaining a degree isn't getting any better for potential students.

Twenty-one percent of doctors graduating from a private school do so with more than $300,000 of educational debt, according to the school.

Grants, much like merit and financial aid, Rivera explains, are made only after students have chosen their career path.

According to the Association of American Medical Colleges, the median debt of a graduating medical student in the USA is US$202,000 - while 21% of doctors who graduate from a private school such as NYU face over US$300,000.

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