Residency

NYU announces free tuition for current and future medical students

Residency Program Insider, August 24, 2018

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The New York University (NYU) School of Medicine is making strides to lower the immense burden of medical school debt on future physicians. It has decided to offer free tuition to all of its current and future students, without considering need or merit. In doing so, the school hopes to increase the number of physicians in less lucrative fields such as primary care and OB/GYN; in recent years, many students had been turning to higher-paying specialties, positioning themselves to better pay off their loans.


According to the Association of American Medical Colleges, 75% of all American physicians graduated with debt in 2015. Currently, the median debt of a graduating medical student is $202,000 as the average cost of a private medical school is almost $60,000 per year.


As a result of this new initiative, all of NYU’s 93 first-year students and 350 students with up to three years remaining will receive free tuition from this point forward in addition to receiving a refund of what they have already paid. The money to cover the tuition comes from a $450 million endowment.


NYU is the only top 10-ranked medical school in the United States currently offering free tuition. It is also the largest school to do so.

Source: Medscape
 



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