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NYU offers free tuition for all its medical students

NYU offers free tuition for all its medical students

NYU has raised more than $450 million of the roughly $600 million it needs to fund the tuition package in perpetuity, including a $100 million donation from Home Depot founder Kenneth Langone and his wife, Elaine, The Journal said. In the USA, only 3 in 10 students choose to practice in the primary care specialties of internal medicine, family medicine, and pediatrics, which generally have lower salaries than specialties like cardiology or anesthesiology.

"People shouldn't graduate medical school with the equivalent of a mortgage", said Rafael Rivera, NYU medical dean of admissions.

Seventy-two percent of graduates from medical school in 2017 graduated with a median of $180,000 in debt, according to data from the Association of American Medical Colleges cited by the university. 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.

"We thought it was a moral imperative because it's very hard for medical students to incur the debt burden of medical school, as well as the additional time burden of training", Grossman told ABC News on Thursday.

For instance, some schools, including NYU School of Medicine, offer programs for students to graduate in three years instead of the traditional four. The yearly tuition costs covered by the scholarship are $55,018.

Most medical students will still need to pay about $29,000 for annual room and board and other living expenses. The school also implemented in 2013 an accelerated 3-year M.D. program so students could start earning a salary one year earlier.

Those 93 students will benefit from the scholarship, along with 350 others enrolled further along in the program. In 2017, 119 students matriculated from the medical school, which receives well over 7,000 applications a year.

In December, Columbia University received a $250 million gift from Dr. Roy Vagelos and Diana Vagelos, of which $150 million created an endowment that will cover the tuition for medical students who are deemed to have financial need at the renamed Columbia University Vagelos College of Physicians and Surgeons.

The school will also refund current students who made out-of-pocket tuition payments for the 2018-2019 school year and return loan payments to students who may have taken out student loans.

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