All the current and future students of NYU School of Medicine won’t have to spend a single penny on tuition to study its MD degree program.
The school, which ranks among the top ten in the nation, announced on Thursday that it will be offering full-tuition scholarships to all the students without taking into consideration the merit or financial needs.
The move has been taken to attract bright students to the medical school amid the rising cost of getting medical education.
“Overwhelming student debt is fundamentally reshaping the medical profession in ways that are adversely affecting healthcare. Moreover, the financial barriers discourage many promising high school and college students from considering a career in medicine altogether due to fears about the costs associated with medical school,” reads the college release.
A study by Association of American Medical Colleges found that 75 percent of U.S. doctors graduated with debt, while those graduating from private medical schools do so with an average debt of $300,000.
“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 I. Grossman, MD, the Saul J. Farber Dean of NYU School of Medicine said.
The scholarship will cover yearly tuition costs of $55,018, which was earlier supposed to be paid by the students.
