Cornell Medical School Proposes Tackling Student Debt

The Cornell University Faculty of Medicine announced Monday that the fees will be free for all students benefit from financial aid, launching a lively debate on student debt and the rising cost of higher education in the United States.

Beginning in the current school year, eligible students at the Weill Cornell Medicine School in New York will have their tuition not covered by scholarships, but will cover all costs, including accommodation, food, books and study fees. This program makes Weill Cornell the latest in several medical schools that have recently announced aggressive support programs to reduce or eliminate the costs of participation.

"Student debt has been part of national discussions for a long time and we plan, strategize and fundraise," said Dr. Augustine M.K. Choi, Dean of Weill Cornell Medicine and Medical Affairs Provost at Cornell University. "It's a good time to offer a debt-free medical education. "

Of the 373 students at Weill Cornell, 52% are eligible for help as needed. A single year at school – located in one of America's most expensive postcodes, on the Upper East Side of Manhattan – costs more than $ 90,000, according to Weill Cornell. The scholarships awarded for the last academic year rising to an average of about $ 38,000, students often resort to federal loans to fill the gap. The average debt for a graduating from the program this year was $ 156,851.

Students learned of the surprise gift present Monday morning at an event on campus. September was the natural moment for such an announcement, said Jessica M. Bibliowicz, chair of the board of medical supervisors of Weill Cornell.

"We want freshmen to know that this is going to happen during their medical studies, "said Ms. Bibliowicz. "They can make the kind of choices they want to make in their medical career."

First year students are the primary beneficiaries, but the program will now apply to all eligible students. The new gift will not cover the costs already paid. For this school year, distributed needs-based loans that will be distributed will be "converted" into scholarships, said the school, and these students will only have to complete paperwork in the coming weeks. .

Physicians and medical staff may be among the highest paid professionals in the country, but they are also among the most indebted. The average graduate of the medical school carries $ 200,000 in student debt, according to the Association of American Medical Colleges. This burden can be compounded by years of work as residents and low-income earners.

In 2017, the Faculty of Medicine at Columbia University announced a new endowment that, in its view, would eliminate the need for student loans for future medical students; the poorest would also have the living expenses covered. The David Geffen School of Medicine of the U.C.L.A. offers complete trips to about 20% of its incoming classes, although rewards are based on merit, no need. And last August, the New York University School of Medicine announced that it would cover tuition fees for all current and future students.