NYU will offer a full ride to all medical students

[Teh One Who Knocks]

Christine Wang - CNBC


https://i.imgur.com/KnJ72oT.jpg

Every student at the New York University School of Medicine is getting a full ride.

The university announced Thursday that it will cover annual tuition costs of $55,018 for current and future students, regardless of need or merit.

NYU's announcement comes amid ballooning costs for medical education.

For the class of 2017, about 72 percent of students graduated with a median of $180,000 in medical education debt, according to the Association of American Medical Colleges.

For some, those high costs are an insurmountable financial barrier to entering the field. Those who do graduate, saddled with thousands in debt, are often drawn to more lucrative specialties, creating a shortage of professionals in lower-paying fields like primary care and pediatrics.

Robert Grossman, dean of the NYU School of Medicine, said the decision is an attempt to tackle debt burden on aspiring physicians.

"A population as diverse as ours is best served by doctors from all walks of life, we believe, and aspiring physicians and surgeons should not be prevented from pursuing a career in medicine because of the prospect of overwhelming financial debt," he said in a statement.

NYU said this initiative had numerous supporters including Home Depot co-founder Ken Langone, billionaire investor Stanley Druckenmiller and BlackRock Chairman and CEO Larry Fink. The NYU Medical Center is named after Langone and his wife, Elaine.

[Teh One Who Knocks]

Sounds great, but where is all the money going to come from to cover the tuition that the students would have been paying to NYU? :-k

[deebakes]

endowment realistically :shrug:

[Godfather]

Better them than the athletes frankly... but we know that money won't come out of the athletic budget :lol: It'll be paid by the rest of the students on their predatory student loans which have effectively fucked the entire college system.

[deebakes]

The initiative covers the $55,018 in annual tuition costs, the school says, and is effective immediately for all current and incoming students. 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. For public schools, the median tuition amounted to $36,937, according to the organization.

N.Y.U.’s medical school needs a $600 million endowment to help sustain its tuition-free model. So far, the school has raised $450 million of it, with $243 million coming in the last nine months, says Rivera. The plan applies to all 442 of its current medical students, but a number of them in the school’s M.D.-Ph.D program have already had their tuition costs covered by the National Institutes of Health.

yep, endowment :shrug: