The institution, which broke the news to incoming students and their families during the White Coat Ceremony, is the first major medical school in the U.S.to provide free education to all students regardless of financial merit.
School officials cited a shortage of researchers and primary care physicians, due to rising tuition and huge loans, totaling hundreds of thousands of dollars, as part of the reason for the initiative.
The NYU School of Medicine is the first top 10-ranked medical school to make tuition free, the school said.
"This decision recognizes a moral imperative that must be addressed, as institutions place an increasing debt burden on young people who aspire to become physicians", Robert I. Grossman, dean of the medical school and chief executive officer of N.Y.U.
The school has launched a $600 million campaign to fund an endowment that will cover the costs of the scholarships. Langone Health, told The New York Times. That is partly propelled by the fact that almost half of third- and fourth-year students say that their choice in medical specialty is influenced by projected income-or by debt burden.
Addressing the affordability issue could help alleviate physician shortages, said Rafael Rivera, associate dean for admissions and financial aid.
FBN's Cheryl Casone on some colleges now asking students for a percentage of their future salary to cover the cost of tuition. So far NYU has raised $450 million. 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.
The crushing weight of debt that medical education places on students-debt that averaged some $191,000 across all schools and more than $206,000 for private schools in 2017, according to the Association of American Medical Colleges (AAMC)-has consequences for prospective students and the future contours of USA medicine alike. Medical schools have tackled medical school debt in other ways. The financial support and commitment it takes for a school to provide such a broad incentive to students isn't realistic for all schools, said Julie Fresne, director of student financial services at the Association of American Medical Colleges. "Medical school is still a great investment", she said.