With $450m endowment, New York varsity medical students enjoy free tuition

New York University offers free tuition to all medical students

New York University offers free tuition to all medical students

"Our last thing was to tell the students and their parents that, hey, tuition is going to be on us", Dr. Rafael Rivera, associate dean for admission and financial aid, told ABC News on Thursday.

About 62% of NYU's medical students reportedly graduate with debt; for 2017 graduates, that debt came to $184,000 on average.

"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", says Robert I. Grossman, MD, the Saul J. Farber Dean of NYU School of Medicine and CEO of NYU Langone Health.

N.Y.U.'s School of Medicine announced Thursday it will cover tuition costs for all of its students - regardless of their financial standings or backgrounds.

The initiative covers the $55,018 in annual tuition costs, the school says, and is effective immediately for all current and incoming students.

While it must be easier for a moneyed institution like NYU to offer full-tuition scholarships, it is reportedly the first school of its caliber to do so (according to NYU, that is).

Graduates from New York University (NYU) cheer during the commencement ceremony at Yankee Stadium in the Bronx borough of New York, May 2014. So far NYU has raised $450 million. Earlier this year Columbia's Vagelos College of Physicians and Surgeons announced it would eliminate loans for all students who qualify for financial aid, while UCLA's David Geffen School of Medicine expects to provide more than 300 full scholarships between 2012 and 2022, based on merit.

The university has reportedly been working for more than a decade to accrue the necessary funds to pay for tuition, and hopes to raise a total of $600 million (£472m) to make the scholarships available permanently.

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. Nine students already have had their tuition completely covered under their M.D./PhD programs.

For its most recent application cycle, the school received more than 6,000 applications for 102 spots, according to Grossman.

The free-tuition initiative began more than a decade ago when NYU created an endowment for that objective.

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