I could be wrong but I think when they made the announcement NYU started from a higher place in the rankings than Einstein.
But for sure, without any doubt whatsoever, Einstein--already a phenomenal, extremely well regarded medical school--will shoot up in whatever is left of the US News rankings. Application volume will soar. Acceptance rate will plummet. Average MCAT and average GPA will go way up. Might take a year or two for the rankings to fully incorporate this news because giving the timing of the announcement this cycle's yield will be the only significant stat that could possibly impact the next rankings (if yield is even a factor US News considers!). Next cycle, however, total applications, acceptance rate, and average stats will be of a very different order. And the rankings that incorporate data from next year's cycle will be reflective of that.
In fact, if the rankings still exist in two years and no other major medical schools go free tuition, I could envision Einstein--tied for 42 in this year's USNWR--easily breaking the top 20, probably breaking the top 15, and maybe even joining NYU in the top 10. Icahn, Cornell, and maybe even Columbia may find themselves regularly losing cross-admit battles with Einstein. Einstein benefits from its proximity to Manhattan while having the lowest average housing cost in the 5 boros. Plus, there may be no better place to have a greater impact on the social disparities in healthcare than at Montifiore Medical Center.
Einstein's yield will go up dramatically. Not saying it will be 100 percent. Many who are unconcerned about money (e.g. those with rich parents or those going into super high paying specialties) may not be influenced by this news. Similarly, many will still choose the tippy top schools over Einstein--e.g. Hopkins or Harvard. Still others will choose schools that offer significant merit aid.
But this news really matters to me. While I'm fortunate enough to be holding a few A's from schools that I'm very happy with, if I am honest, free tuition at Einstein would likely win me over if JHU does not offer me any significant aid. At around $250,000 over four years, we are talking about a very significant amount of money, even for doctors.
Congrats to all!