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NYU will provide free tuition for all of its medical students

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New York University on Thursday announced that it will be providing all of its medical students with full tuition scholarships, no matter their financial situation. 

According to The Wall Street Journal, the institution has so far raised over $450 million of the nearly $600 million it needs to fully cover the costs of its medical students’ tuition.

The school will provide the full tuition scholarships to its 93 first-year students, as well as the 350 students who have already begun their M.D.-only degree program. Nine students already have had their tuition completely covered under their M.D./PhD programs. 

The newspaper said most medical students will still need to pay for their room, board and living expenses, which it estimated at about $29,000 year. Tuition had been set at $55,018 for the coming year.

NYU hopes the effort will alleviate the financial strain of a medical education and help make them a first choice for top prospects, according to the Journal.

The action could also give graduates more career choices so they won’t be pressured into having their future be influenced by student loan burdens.

“This is going to be a huge game-changer for us, for our students and for our patients,” the school’s associate dean for admission and financial aid, Dr. Rafael Rivera, told the Journal.

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Rivera also said the school plans to refund out-of-pocket payments already made for the current year and will return loans taken out by their students. 

“There’s really a moral imperative to reduce the amount of debt people have,” Dr. Rivera said of the effort.

More than half of the medical school’s most recent graduating class had student loans, averaging out to $171,908 for medical school, the Journal reported. 

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