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17 August 2018, 08:28 | Melissa Porter
Be realistic when you calculate how much you’ll need to spend and your budget will be easier to keep toGETTY IMAGES
New York University said Thursday it would offer all its current and future medical school students free tuition in an effort to tackle soaring debt levels and encourage more applicants. Professionals from NYU say this enormous debt has influenced medical students to pursue more profitable fields in the profession, rather than less financially generous ones like pediatrics or primary care.
Dr Robert Grossman said that "aspiring physicians and surgeons should not be prevented from pursuing a career in medicine because of the prospect of overwhelming financial debt".
New York University is offering free tuition for all of its medical students.
The school has launched a $600 million campaign to fund an endowment that will cover the costs of the scholarships. So far, the school has raised $450 million of it, with $243 million coming in the last nine months, says Rivera.
Few medical schools have managed to cover tuition for a wide swath of students. Another 9 students are already covered in their M.D./PhD programs.
"People shouldn't graduate medical school with the equivalent of a mortgage", said Rafael Rivera, NYU medical dean of admissions.
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. In 2017, 119 students matriculated from the medical school, which receives well over 7,000 applications a year. In a surprise announcement, NYU revealed it would foot tuition-about $55,000 per year-for all medical students going forward. Students nontuition costs in that program would be about $27,000 to $31,000.
Nationally, 72 percent of graduates from the class of 2018 had debt from medical school, with a median of $195,000 in loans, according to student surveys by the Association of American Medical Colleges. Among those with debt, the average student owed almost $191,000, which rises to $202,000 among private medical school graduates.
The free-tuition initiative began more than a decade ago when NYU created an endowment for that goal.
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