NYU became the only top-notch Medical School in the entire country to offer a full tuition wave for students of Medical Science. Furthermore, this includes all the international students admitted to NYU Medical School.
This decision was in action immediately after the discussions. However, there are 679 students currently studying at the New York University, Medical School. Also naturally, all of them benefit from the decision made 5 years ago.
The university covers a total tuition fee of US$55,000 every year for Medical Students. However, students must note that the relaxation is only for tuition fee coverage and is not applicable to other fee types.
In this case, students continue to pay for their boarding rooms, books, other fee and expenses for the cost of living. The university grants students an exemption from the $55,000 tuition fees, which amounts to approximately $27,000 per year.
In the beginning, people appreciated and criticized the program equally. Earlier, there were doubts about how the university will be able to maintain funds for the relaxations. Thankfully, the people who supported the cause funded the scheme.
Now, $100 million are granted by people after whom the NYU Medical School is named and the rest 2,500 other supporters. Therefore, the scheme continues to benefit students to date, upholding its promise.
Why The Relaxation in Tuition Fees?
The university feared that the student’s choice of subjects is getting influenced by the courses that offer remunerative careers. This happens because of the overwhelming financial burden that the students are facing due to high tuition fees.
Students stopped opting for general degrees and roles and got influenced by the lucrative offers and specialities. Medicinal study has expensive courses, and the cost of these courses at public universities in countries like the US is very expensive. Costs of studying Medicine in private schools is around $82,278 per year on average.
According to past data a medical student was under debt of $192,000 on average. This study was conducted by the Association of American Medical Colleges. At NYU 62% of its medical school students were in debt in 2017. Students opt for large amounts of loans to pursue these courses.
Yes, they can repay these loans with the high RoIs but this condition lures students to courses that offer higher RoIs. NYU wanted its students to choose a course and career without the pressure of bearing heavy tuition fees costs.
This will help in promoting the courses and improving the quality of healthcare education in the USA. If you want to read more such exciting information, make sure you follow Leverage Edu News Updates.