Medicine

NYU offers full-tuition scholarships for all medical students

NYU offers full-tuition scholarships for all medical students

New York University on Thursday announced that it will be providing all of its medical students with full tuition scholarships, no matter their financial situation.

NYU is ranked No. 3 in medical research schools, according to U.S. News & World Report.

Over more than a decade, NYU raised $450 million of the estimated $600 million it needs to maintain the scholarship.

The school already allowed students the option to shave off their fourth year of training - typically spent doing additional specialty rotations and applying for residences - saving students a year's tuition.

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.

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Students would still be on the hook for other costs related to their attendance, such as room and board, fees, health insurance, licensing exam charges.

By taking tuition costs off the table, NYU Associate Dean of Admissions Rafael Rivera said he hopes to level the playing field for students from lower socioeconomic backgrounds. Those range from around $27,000 to $29,000 per year, according to the medical school.

More than half of the medical school's most recent graduating class had student loans, averaging out to $171,908 for medical school, the Journal reported.

About 93 first-year students will receive full-year scholarships, on top of 350 students who are already in the midst of their medical program, the publication said.

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.