"The scholarships will also be established, from here on out, to every future medical student at the school", NYU stated in a press release.
NYU School of Medicine announced today that it is offering full-tuition scholarships to all current and future students in its MD degree program regardless of need or merit - a bold effort to simultaneously address the rising costs of medical education and still attract the best and brightest students to careers in medicine. And some aspiring doctors may abandon the career path altogether, or not even consider medicine in the first place. That fund cost a more modest $100 million to establish, but it covers only 20 percent of students at the school. Last month, an anonymous donor gave a $3 million gift to the University of Houston's College of Medicine meant to fund the full tuition for the 30 students who will matriculate at the new medical school when it opens in fall of 2020.
To cover tuition, the university has raised three-quarters of the expected $600 million needed from private donations and grants.
Now the onus is on NYU to ensure that money goes to a diverse group of students-an important consideration with the school's low admission rate. 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 USA population. NYU cites the concerns of many students over the vast financial burden that is faced when pursuing an education in medicine. This can be one factor that ends with medical students committing suicide. Stanford University offers full-tuition scholarships to all undergraduates whose family income is under $125,000 a year, and adds free room and board to students whose families earn less than $65,000.
For the class of 2017, about 72 percent of students graduated with a median of $180,000 in medical education debt, according to the Association of American Medical Colleges. Recently they established the scholarship, which will cover the cost of University education, component, neither more nor less, $ 55 018.
Graduates move towards higher-paying areas of medicine over paediatrics, primary care or gynaecology due to their "staggering student loans".
This historic initiative was made possible by more than 2,500 supporters, including trustees, alumni, and friends.
Fresne said multiple factors influence what kind of medicine a student chooses to practice after medical school, like personality fit and role models.