All current and future students studying at New York University’s School of Medicine will receive full-tuition scholarships.
The school announced the initiative on Friday during its White Coat Ceremony.
According to the university, the new policy was implemented in response to the overwhelming debt that graduates today face.
Because NYU’s annual tuition is about $55,000, many graduates choose to go into the highest-paying specialties. As a result, there is currently a shortage of primary care doctors, pediatricians, and researchers.
Soaring costs also discourage many individuals from pursuing a medical career at all.
“No more tuition … The day they get their diploma, they owe nobody nothing,” said Kenneth G. Langone, the chairman of the board of trustees for NYU’s Langone Medical Center. “(Students) walk out of here unencumbered, looking at a future where they can do what their passion tells them.”
Students will still be responsible for books, fees, housing, and other costs. NYU has approximated that the total cost of all living expenses will be $27,000 for 2 semesters.
According to the New York Times, 62 percent of NYU School of Medical graduates left with debt averaging at $184,000 last year.
“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,” said Dr. Robert I. Grossman, dean of the medical school and chief executive officer of NYU Langone Health.
The university stated that tuition will be covered regardless of students’ need or merit.
NYU is the first among the nation’s top medical schools to implement this policy.
Here’s a List of Some Tuition-Free Colleges
- Alice Lloyd College (Pippa Passes, Kentucky)
- Liberal Arts College
- Costs $11,000 annually.
- Barclay College (Haviland, Kansas)
- Private Christian College
- $17,000 annually
- College of the Ozarks (Point Lookout, Missouri)
- Private, Christian Liberal Arts College
- $14,000 annually
- Cooper Union for the Advancement of Science and Art (Manhattan, New York)
- Private College
- $15,000 annually
- Deep Springs College (Big Pine, California)
- Two-Year Liberal Arts College
- Virtually Free
Featured Image via Wikimedia Commons.