PHOTO CREDIT: The Star Online via YouTube
Last week, New York University (NYU) announced that it will be providing full-tuition scholarships to all current medical students as well as every incoming medical student from now on. This is a huge undertaking and a great move to provide equal access to advanced degrees, which can be particularly cost-prohibitive for low-income and minority 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.” ~ Dr. Robert I. Grossman, Dean of NYU School of Medicine and CEO of NYU Langone Health via Fortune
NYU is one of the most renowned medical schools in the country. They have raised $450 million thus far to make these full-tuition scholarships a reality. Previously, it cost just over $55,000 per year for a medical student to attend NYU.
According to the Association of American Medical Colleges (AAMC), there will be a projected doctor shortage of up to 121,000 physicians by 2030 concerning Americans’ health care needs. NYU hopes to alleviate this shortage by making it easier to obtain a medical degree without the burden of enormous debt. This will also help more medical students pursue careers in primary care instead of higher-paid specializations, which have been prioritized to help pay off tuition debt.