NEW YORK, NEW YORK, UNITED STATES (AUGUST 16, 2018) (REUTERS – New York University School of Medicine announced on Thursday (August 16), free tuition for all of its current and future MD students regardless of need or merit.
“When you look at the average medical school debt that students graduate with, it’s getting to the point where it’s impact the physician workforce,” said Rafael Rivera, the school’s associate dean for admission and financial aid.
Rivera said free tuition will attract students who may be scared away by the school’s $55,000 (USD) a year tuition cost.
“If they’re in high school or college and are thinking about what they want to do. They think medicine will be a great career choice for them. They love the material. But they see that number, and they are like, ‘well, you know, maybe I should think of something else.’ And to me that’s a loss for society.
According to the Association of American Medical Colleges, about one in five private medical schools students graduate with a debt of over $300,000.
To sustain the free tuition program, NYU said it has raised $450 million dollars of the $600 million needed.
However, students still will have to come up with the roughly $30,000 needed for room and board every year.