Last month, New York University announced that tuition will now be free to all students, regardless of financial need.
Here’s what you need to know—and what to do next.
NYU Med students can say goodbye to $55,018 in annual tuition.
That’s the amount NYU will be covering for incoming and returning students, the latter of whom will have their student loans and tuition payments refunded.
Like other professions, student loans have a significant impact on the medical profession. NYU wants to change that for its medical students.
According to Make Lemonade, there are more than 44 million student loan borrowers who collectively owe $1.5 trillion. The average medical school student loan debt is about $190,000.
Ken Langone, co-founder of Home Depot and chair of NYU Langone Health’s board of trustees, and his wife, Elaine, donated $100 million to help fund tuition for NYU medical students. NYU says it needs $600 million to fund the entire program.
“Thanks to the extraordinary generosity of our trustees, alumni, and friends, our hope—and expectation—is that by making medical school accessible to a broader range of applicants, we will be a catalyst for transforming medical education nationwide,” Langone said.
If You’re Considering a Career in Medicine
This is amazing news!
If you’re pre-med or considering a career in medicine—and the cost of medical school keeps you up at night—then you should consider applying to NYU for medical school.
Since the tuition-free program is available to all students, it could save you over $200,000 over the course of four years of medical school.
Ezekiel Emanuel, Oncologist, is vice provost and professor at University of Pennsylvania. He has an interesting take on a program to alleviate the tuition costs of all medical schools.
His proposal is that al medical students sign for loans on their tuition costs. After graduation, those students who choose to follow the traditionally lower earning specialties like primary care and/or go to practice where the needs are the greatest to fill the predictable shortage of 30,000 doctors by 2030.
These students would be entitled to graduated forgiveness of their loan.
The students who go into the highest paid end of the profession, like orthopedics, surgery and/or other specialties would be responsible for the loan repayments.
That kind of proposal may well fit other professions where shortages are developing. The new socialist candidates want to turn everything over to the government to fund and rule. That will lead to fiscal bankruptcy and ineffective bureaucracy.
There’s plenty of money in private industry to do the job.