NYU offers full-tuition scholarships for all medical students

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Another 9 students are already covered in their M.D./PhD programs.

School of Medicine announced Thursday that its MD degree program will be paid for through full-tuition scholarships to all current and future students, regardless of need or merit. The yearly tuition costs covered under this medical scholarship amount to just over $55,000 per year, and the effort involved raising some $450 million to date (of more than $600 million planned) from supporters such as Home Depot founder Kenneth Langone and his wife Elaine, the Wall Street Journal reports.

Dr. Rafael Rivera, associate dean for admissions and financial aid, said the program goes further than other forms of financial aid, which require students to apply before finding out about their support.

PHOTO: New York University's School of Medicine announces it is offering full-tuition scholarships to all current and future students in its MD degree program, regardless of need or merit, August 16, 2018. The medical school said it is the first top 10-ranked medical school to provide full scholarships regardless of need or merit.

On Thursday, NYU made a stunning announcement: All of the renowned institution's medical students will be awarded full tuition scholarships.

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.

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

The goal is to allow aspiring physicians "from all walks of life" pursue their passion with less stress, according to Dr. Robert Grossman, dean of NYU School of Medicine and CEO of NYU Langone Health.

NYU said the move was to address the rising costs of medical education and still attract the best and brightest students to careers in medicine.

"We really believe that medical student debt is among the biggest issues our country faces in terms of providing excellent physicians to serve our health care needs", Grossman said.

"We don't want this debt to hang over their heads and persuade them from pursuing careers of passion", Rivera told ABC News.

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