NYU now offer Full-Tuition Scholarships to All Medical Students!

Discussion in 'Mayberry Lounge' started by Arkain2K, Aug 16, 2018.

  1. Arkain2K

    Arkain2K Si vis pacem, para bellum

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    Free Tuition for All N.Y.U. Medical Students

    By David W. Chen | Aug. 16, 2018

    [​IMG]
    New York University’s School of Medicine announced on Thursday that it would cover tuition for all its current and future students. “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,” the dean of the school said.


    The New York University School of Medicine announced on Thursday that it would cover the tuition of all its students, regardless of merit or need, citing concerns about the “overwhelming financial debt” facing graduates.

    N.Y.U.’s initiative comes at a time when affordability has become an increasingly urgent issue in higher education, with some graduates struggling with thousands of dollars in debt.

    To date, much of the effort has centered on helping undergraduates cover the balance of their tuition bills, including at community colleges in Tennessee, and two- and four-year schools in New York under the new Excelsior Scholarship.

    In the field of medicine, schools have become worried that students saddled with steep debt are increasingly pursuing top-paying specialties rather than careers in family medicine, pediatrics and research. So it was big news in December when Columbia announced a $250 million gift from Dr. P. Roy Vagelos, an alumnus who is a former chairman of Merck & Co., and his wife, Diana, that would offer students with the greatest financial need full-tuition scholarships, and other students grants, rather than loans.

    But N.Y.U.’s plan, which was announced Thursday morning in an unexpected ending to the annual “White Coat Ceremony” for new students and their families, goes beyond that, and may spur other top medical schools to follow suit. In a statement, N.Y.U. said that it would be the only top-ranked medical school in the nation to offer full-tuition scholarships to all students.

    The plan, effective immediately, covers all current and future students. Annual tuition is roughly $55,000. There are 93 first-year students, and another 350 students who have up to three years left before obtaining their degrees. (A small group of new and current students who are enrolled in joint M.D./Ph.D. programs already have their tuitions paid for, thanks to the National Institutes of Health.)

    The plan does not cover room and board or fees, which together are an additional $27,000, on average.

    About 62 percent of N.Y.U.’s School of Medicine graduates leave with some debt; the average debt incurred by members of the class of 2017 was $184,000.

    “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,” said Robert I. Grossman, dean of the medical school and chief executive officer of N.Y.U. Langone Health.

    N.Y.U. said that it had raised more than $450 million of the $600 million that it anticipates will be necessary to finance the tuition plan. About $100 million of that has been contributed by Kenneth G. Langone, the founder of Home Depot, and his wife, Elaine, for whom the medical school is named.

    To date, only a handful of institutions have tried to make medical education tuition-free, according to Julie Fresne, senior director of student financial services of the Association of American Medical Colleges, a nonprofit organization that represents medical schools.

    At UCLA’s David Geffen School of Medicine, a $100 million fund announced several years ago pays for the entire cost of medical school for all four years, including tuition, fees, books and living expenses for roughly 20 percent of its students. But that program is based on merit, not need.

    Meanwhile, a small medical school affiliated with Case Western Reserve University at the Cleveland Clinic covers the tuition and fees for its five-year program focusing on research.

    Most of the roughly 20,000 students per year enrolled in American medical schools take out sizable federal loans to support their studies. According to the Association of American Medical Colleges, in 2017, the median debt for graduating medical students was $192,000. The median cost of medical school attendance, including living expenses, was $60,945 a year for public medical school and $82,278 for private medical school.

    https://www.nytimes.com/2018/08/16/nyregion/nyu-free-tuition-medical-school.html
     
    Last edited: Aug 20, 2018
  2. Ottawaguy

    Ottawaguy Gold Belt

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  3. GSP_37

    GSP_37 Steel Belt

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    Do the med school instructors etc. have to work for free?
     
  4. marioh

    marioh Black Belt

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    NYU was already expensive to begin with. I wonder if this will cause tuition fees to go up for the non-medical classes. Or are they really making that much money where they can do this for free?
     
  5. loyalyolayal

    loyalyolayal Steel Belt

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    If they employ a meritocratic system, get ready for the Guptas, Singhs, Chans, Lees, and Patels.
     
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  6. BoogerDawson

    BoogerDawson Red Belt

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  7. Midnighter

    Midnighter Silver Belt

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    A lot more to being a doctor than being good at tests.

    Unfortunately.
     
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  8. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    They article says they raised $600m endowment over the past decade to pay for it in perpetuity
     
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  9. loyalyolayal

    loyalyolayal Steel Belt

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    Hmmm...They may look like it (<FutbolThink>) but asian-americans from indochina are...<Sansa00>
     
  10. Lubaolong

    Lubaolong A natural consequence of gamma radiation

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    I'm sure they're going to get tons more applications next year.
     
  11. loyalyolayal

    loyalyolayal Steel Belt

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    Yep. You need soul and razzamatazz during an operation.
     
  12. BEER

    BEER Resident Feminist Platinum Member

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    These schools charge so much money for tuition that it doesn't surprise me if they can run an entire degree program from profits, without devastating the bottom line.
     
  13. MadSquabbles500

    MadSquabbles500 Steel Belt

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    What about the Steins, mordechais, kushners, bloombergs, Kaplans, Zuckers etc, etc.
     
  14. loyalyolayal

    loyalyolayal Steel Belt

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    That goes without saying. It's NY afterall.
     
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  15. MadSquabbles500

    MadSquabbles500 Steel Belt

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    Cops dont pay to train to be po po, Firefighters dont pay to train to sit in firehouse all day and make sandwiches, Soldiers get paid to learn to be infantry, Navy pays enlistees to learn to sail warships.

    Why should doctors pay? They provide such a basic, and necessary service/component to society.
     
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  16. MadSquabbles500

    MadSquabbles500 Steel Belt

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    Hopefully though, the Vitiello's, O Reillys, Shanahans, Zito's, Domincyzks, Kozlowski's, Sanchezs, Hernandez, Juwauns, Lebrons, Menounos's, Savalas's will be able to take more advantage of this too.
     
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  17. Tuf_guy

    Tuf_guy Gold Belt

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    Including psychiatry?
     
  18. Midnighter

    Midnighter Silver Belt

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    No, but you need interpersonal skills, ability to work well with a team especially under stress, and be able to relay news to families that could potential "break" them while being compassionate.

    This among many other things that have nothing to do with scoring well on the mcat.
     
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  19. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    Also a lot of rich alumni who donate.

    They have a $4B endowment
     
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  20. bad seed

    bad seed Double Yellow Card Double Yellow Card

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    our resident Uncle Chans making a mockery of themselves and ingratiating themselves to Sherfronters for laughs.
     

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