NYU helps students out

Janny Oh, Opinion Editor

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The New York University of Medicine (NYU) has announced their elimination of tuition for their students. Before the announcement, annual tuition was $55,018.

The elimination of financial pressures from students caused several various responses from everywhere around the world.

Looking at this recent event from the perspective of a high school senior, this is a blessing. Tuition/scholarships will play a hefty role in which colleges are available for students, and the generosity of NYU allows the pursuit of education in the medical field, without the financial obstacle.

In the field of medicine, schools have become concerned that students stuck with steep debt are studying for top-paying specialties. Careers in family medicine, pediatrics and research are often left untouched.

Knowing this concern, Dr. P. Roy Vagelos, an alumnus, and his wife donated $250 million to the university.

Providing help based on greatest financial need, full-tuition scholarships are being provided for medical students.

The plan/donation provides for all current and future students. Annual tuition is roughly $55,000.

Applying to NYU for medical school with the tuition free program could save you each student roughly $200,000 for four years of medical school.

Other medical school may be inspired by NYU’s bold move as well.

 

As exciting it is to hear this, there is a common misconception about using this free tuition as the answer to all student related problems.

For example, for those who are currently working in the medical field, may have paid tuition and borrowed student loans. However, it is possible to

refinance student loans.

The higher one’s medical school student loan balance is, the more money one can save with medical student loan refinancing.

 

According to the Association of American Medical Colleges, research shows that in 2017, the median debt for graduating medical students was $192,000.

 

Free tuition is not a perfect solution, but it is definitely amazing to see the doors that open for others, and the elimination of financial roadblocks.