"It addresses both physician shortages and diversity", said Rafael Rivera, the associate dean for admissions and financial aid at the school, in a statement.
"Our full-tuition scholarships make it possible for aspiring physicians to choose a specialty based on their talent and inclinations to better serve the communities who need it most, and to more easily pursue scientific breakthroughs that improve how we care for patients", NYU School of Medicine said on its website.
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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.
According to The Wall Street Journal, the institution has so far raised over $450 million of the almost $600 million it needs to fully cover the costs of its medical students' tuition.
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Other medical schools have attempted to assuage the financial burden of medical school, including the University of Houston's College of Medicine, which offered full scholarships to its inaugural class.
NYU School of Medicine is the first private USA medical school and the only one ranked in the top 10 to offer free tuition to all its students, the university said in a press release. Professionals from NYU say this enormous debt has influenced medical students to pursue more profitable fields in the profession, rather than less financially generous ones like pediatrics or primary care. Medical schools nationwide have been conducting aggressive fundraising campaigns to compete for top prospects, alleviate the debt burden and give graduates more career choices. So far, the school has raised $450 million of it, with $243 million coming in the last nine months, says Rivera.
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Medical school officials announced the scholarships today at NYU Langone Health's Tisch Hospital in Manhattan. -Ph.D program have already had their tuition costs covered by the National Institutes of Health. In 2017, 119 students matriculated from the medical school, which receives well over 7,000 applications a year. They owed an average amount of $191,000, according to a survey by the Association of American Medical Colleges.