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Students can finish their medical studies with a new title, but often leave with something else: massive student loans. Cornell University's Faculty of Medicine announced on Monday that this was not the case for many of its students, as it offers free education to all those who qualify for the benefits of the program. financial assistance.
The new Weill Cornell Medicine Fellowship Program will provide a debt-free education to all medical students with a "demonstrated financial need" starting this fall and every year after, according to a school press release.
First year students in the 2023 class and subsequent students will have their student loans replaced by scholarships for the duration of their studies. Currently registered students who meet the requirements will receive scholarships to replace their loans for the coming year and each year until their graduation.
The school does not only cover classes, however. Future doctors who qualify will not have to borrow money to pay for books, buy food or other related expenses – everything is covered by scholarships.
"This bold initiative to eliminate the debt of medical students ensures that every student wishing to become a doctor can do it – for its improvement and for the patients it serves," said the university president, Martha E. Pollack. "By investing in our medical students, we are producing a lasting positive effect on the health landscape across the country."
The scholarships were made possible through a "main donation" from the Starr Foundation, led by a member of the Board of Supervisors of the School, Maurice R. Greenberg, and donations from Joan and Sanford I. Weill and from the Weill Family Foundation, as well as from other donors. Donations totaled $ 160 million.
Students pursuing double degrees in Master of Science and Doctoral degrees as part of a separate program will receive a full tuition and living allowance from the National Institutes of Health and Weill Cornell Medicine.
Together, the two programs will allow two-thirds of the school's medical students to graduate without any debt, according to the release.
More than half of the school's medical students have historically benefited from needs-based scholarships to reduce the cost of participation, which averages $ 90,000 per year.
The school needs about $ 50 million more in the future to continue the program indefinitely, said Dean of the Faculty of Medicine, Dr. Augustine MK Choi, told New York Times. However, he stated that he felt "very confident" that this number would be achieved.
Although medicine is a traditionally well-paid field, many doctors have debts that can be accumulated over several decades. Students who borrow for medical studies with a median debt of $ 200,000, according to the Association of American Medical Colleges.
Cornell is not the first university to attempt to cover the high costs of a medical school. NYU School of Medicine went without tuition earlier this year. Last year, Columbia University announced that its students would graduate with no debt and that an entire class of medical students from the University of Houston would have benefited from free thanks to an anonymous donor. last summer.
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