Students studying medicine at Cornell University will have their medical education debt forgiven under a new scholarship program.
Started by the Weill Cornell Medicine School, the new scholarship program will provide tuition-free education to all those students who demonstrate financial need.
The program was established after receiving a total $160 million in a gift from The Starr Foundation, the Weill Family Foundation, and other donors.
“This bold initiative to eliminate medical education student debt ensures that every student who wishes to become a doctor can do so—for their betterment and for the patients they serve,” said Martha E. Pollack, president of Cornell University.
Starting with the 2019-2020 academic year, all students, including those from economically diverse backgrounds, will have their tuition, housing and other living expenses covered.
Students enrolled in dual M.D.-Ph.D. programs will also receive tuition and stipends for living expenses from the National Institutes of Health and Weill Cornell Medicine.
“Students whose passions, skills and talents point the way to medicine can now pursue their career aspirations, unencumbered by the pressure that comes with significant debt burdens,” said Jessica M. Bibliowicz, chairman of the Weill Cornell Medicine Board of Overseers.
Studies suggest that medical graduates often constitute the major chunk of students who graduate with high levels of student debts and the majority of them are struggling to repay their student loans. About 32 percent of doctors owe more than $250,000 in student loans, while another 33 percent has between 151k to 250k dollars in remaining debt.
University of Tennessee Health Science Center and the Medical University of South Carolina were ranked top 2 among the top ten schools that leave students most in debt.
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