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NYU School Of Medicine To Pay Tuition For All Students

NYU School Of Medicine To Pay Tuition For All Students

The NYU School of Medicine said Thursday current and future medical students will be awarded full tuition scholarships regardless of need or merit, reports CBS2's Ali Bauman.

Students would still be on the hook for other costs related to their attendance, such as room and board, fees, health insurance, licensing exam charges.

Tuition had been set at about $55,000 for the coming year.

School officials cited a shortage of researchers and primary care physicians, due to rising tuition and huge loans, totaling hundreds of thousands of dollars, as part of the reason for the initiative.

NYU estimates it will need about $600 million to fund the tuition package in perpetuity.

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"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", Robert Grossman, the dean of the medical school, said in a statement. So far NYU has raised $450 million. Nine students have their tuition covered through the school's M.D./Ph.D program. Medical schools nationwide have been conducting aggressive fundraising campaigns to compete for top prospects, alleviate the debt burden and give graduates more career choices. In the most recent application cycle, only 18 percent of matriculating medical students were African-American, Hispanic, American Indian, or native Alaskans, even though they make up almost 33 percent of the US population.

"Ultimately, this is about patients and creating a fantastic workforce that patients deserve", said Dr. Rafael Rivera, associate dean for admission and financial aid. Those range from around $27,000 to $29,000 per year, according to the medical school.

On Thursday, NYU made a stunning announcement: All of the renowned institution's medical students will be awarded full tuition scholarships. In 2017, 119 students matriculated from the medical school, which receives well over 7,000 applications a year.

Students must still however cover the cost of living expenses and accommodation. 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.

All students enrolled in the MD degree program are eligible, regardless of their financial need or academic performance.

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