The New York University School of Medicine would cover the tuition of all its students

If you are interested in studying in the United States, one of the most important things you need to consider is how much everything is going to cost. Well, the US is one of the world’s most popular destinations for higher education – and also one of the most expensive. Although the initial pricing may cause a sharp intake of breath, it is worth exploring all avenues of funding and financial aid before ruling the country out.

Talking about Tuition fees it ranges from $5,000 to $50,000 (£3,820-£38,200) per year. The average annual cost of tuition fees in the US was estimated at $33,215 (£25,376) in 2016. Most undergraduate degrees last four years, so, on average, students are graduating with $132,860 (£101,505) worth of debt. Keep in mind there are some other costs, for example, accommodation costs, lifestyle ….

With that been said last week there was a huge surprise, a very good news, the New York University School of Medicine announced that it would cover the tuition of all its students, regardless of merit or need, citing concerns about the “overwhelming financial debt” facing graduates. NYU became the first major medical school in the United States to implement such a program after raising more than $450 million of the $600 million it will need to fund the program.

The plan, effective immediately, covers all current and future students. Annual tuition is roughly $55,000. There are 93 first-year students and another 350 students who have up to three years left before obtaining their degrees. (A small group of new and current students who are enrolled in joint M.D./Ph.D. programs already has their tuitions paid for, thanks to the National Institutes of Health.)

The plan does not cover room and board or fees, which together are an additional $27,000, on average.

About 62 percent of N.Y.U.’s School of Medicine graduates leave with some debt; the average debt incurred by members of the class of 2017 was $184,000.

To qualify, students must attend school full time and be on track to graduate within two or four years, depending on the degree they are seeking. But low-income students often must interrupt their studies to work. At the state’s community colleges, more than 90 percent of students would not qualify for free tuition based on those requirements. Even at its four-year colleges, 60 percent would be ineligible. After graduation, scholarship recipients must live and work in New York for as many years as they received a tuition award. If they break that commitment, the tuition grant becomes a loan that must be repaid.

 

Now the question is how to keep such or similar programs going? For sure the current students are so lucky but how about the future ones! 

Is the qualification process is going be the same? The big question is how to be the qualified student in order to get in!

 

References:

https://www.timeshighereducation.com/student/advice/cost-studying-university-united-states

https://www.nytimes.com/2018/08/16/nyregion/nyu-free-tuition-medical-school.html