Wall Street Journal, NYU Makes Tuition Free for All Medical Students:
New York University said Thursday that it will cover tuition for all its medical students regardless of their financial situation, a first among the nation’s major medical schools and an attempt to expand career options for graduates who won’t be saddled with six-figure debt.
School officials worry that rising tuition and soaring loan balances are pushing new doctors into high-paying fields and contributing to a shortage of researchers and primary care physicians. Medical schools nationwide have been conducting aggressive fundraising campaigns to compete for top prospects, alleviate the debt burden and give graduates more career choices.
NYU raised more than $450 million of the roughly $600 million it estimates it will need to fund the tuition package in perpetuity, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine. ...
The move dwarfs efforts by other schools, including Columbia University and the University of California, Los Angeles, to alleviate the financial strain of a medical education. Earlier this year Columbia’s Vagelos College of Physicians and Surgeons announced it would eliminate loans for all students who qualify for financial aid, while UCLA’s David Geffen School of Medicine expects to provide more than 300 full scholarships between 2012 and 2022, based on merit. ...
Sixty-two percent of NYU medical school’s most recent graduating class had student loans, averaging $171,908 for medical school and $184,000 overall. Most medical students will still need to pay for about $29,000 in annual room, board and other living expenses; tuition had been set at $55,018 for the coming year.
The salary disparity for doctors can be stark. The four lowest-paying specialties, all in pediatrics, had average annual compensation of $221,900 or below, according to a survey of more than 65,000 doctors by Doximity, a medical social network for clinicians. Doctors specializing in internal medicine had average annual compensation of $260,000.
Meanwhile, neurosurgery was the top-paying specialty last year, with average compensation of $662,755. Thoracic surgery and orthopaedic surgery rounded out the top three, at $602,745 and $537,568, respectively. ...
“I don’t know of any schools that would not want their students to graduate debt-free,” said Dr. Roy Ziegelstein, vice dean for education at the top-ranked Johns Hopkins University School of Medicine. “All schools are aiming for that end result.”
New York Times, Tuition Will Be Free for All N.Y.U. Medical School Students
As the father of a third year NYU Medical School student, I say bravo!