NYU tuition free

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Thanks NYU!
for being tuition-free :happy:
and also a forever reach for me :depressed:
 
"School officials worry that rising tuition and soaring loan balances are pushing new doctors into high-paying fields and contributing to a shortage of researchers and primary care physicians. Medical schools nationwide have been conducting aggressive fundraising campaigns to compete for top prospects, alleviate the debt burden and give graduates more career choices.

NYU raised more than $450 million of the roughly $600 million it estimates it will need to fund the tuition package in perpetuity, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine. The school will provide full-tuition scholarships for 92 first-year students—another 10 are already covered through M.D./PhD programs—as well as 350 students already partway through the M.D.-only degree program.

“This is going to be a huge game-changer for us, for our students and for our patients,” said Dr. Rafael Rivera, associate dean for admission and financial aid. The school will refund out-of-pocket tuition payments already made for the current year, and return loans students may have taken out.

The move dwarfs efforts by other schools, including Columbia University and the University of California, Los Angeles, to alleviate the financial strain of a medical education. Earlier this year Columbia’s Vagelos College of Physicians and Surgeons announced it would eliminate loans for all students who qualify for financial aid, while UCLA’s David Geffen School of Medicine expects to provide more than 300 full scholarships between 2012 and 2022, based on merit."

NYU Offers Full-Tuition Scholarships for All Medical Students
 
Wow, this is simply amazing. How I wish I had the scores and experiences to get into this school! :arghh:
 
Hopefully, many other schools offer tuition free admission to medical students.

At the new University of Houston Medical College, an anonymous donor agreed to paid all tuition for the first year's entering class.

Medscape: Medscape Access
 
What a fantastic move--hope more medical schools follow this example.

It's odd though that the WSJ article says it's the first major medical school to go tuition-free when they also mentioned that CCLCM has been tuition-free since 2008. Hopefully this pushes even more top schools that are notoriously stingy with financial aid to offer more generous packages to recruit the best students.
 
DoctorSnow said:
Literally a 100th percentile MCAT(average is 521) and a 4.0 (median is 3.92)
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And even that probably might not be enough lol.

But in all seriousness, we might make fun of NYU on this forum and premeddit but they are making MOVES up the ladder. This is just another example. Props to NYU (even though I have nothing even close to their medians and am certainly not applying). What impresses me especially is the fact that they are going to RETURN payments made by current students and grant a tuition-free education for all current students moving forward.

Moving forward, hard to imagine applicants that have multiple top 20 acceptances including NYU choosing another top 20 at full-tuition price over NYU.
 
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MyOdyssey said:
Hopefully, many other schools offer tuition free admission to medical students.

At the new University of Houston Medical College, an anonymous donor agreed to paid all tuition for the first year's entering class.

Medscape: Medscape Access
Click to expand...
That won't open for some time, and a lot of new med schools will waive tuition for the first year class to attract people
 
How long do they plan to keep this up for though? It doesn't even look like they met their goal in funds yet. They probably will, but nothing free lasts for too long. Based on the article it sounds like they want to make it long-term but...600 mil...
 
Ms Procrastinator said:
How long do they plan to keep this up for though? It doesn't even look like they met their goal in funds yet. They probably will, but nothing free lasts for too long. Based on the article it sounds like they want to make it long-term but...600 mil...
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probably been calculated to where the initial 600 mill fund is invested by the University and the returns are sufficient to fund the (90*50k =) 4.5+ million / yr it will cost to keep this running in perpetuity (with inflation). There's a Malcolm Gladwell podcast on how universities use their endowments thats pretty interesting, I think it's in s2 of revisionist history
 
Ms Procrastinator said:
How long do they plan to keep this up for though? It doesn't even look like they met their goal in funds yet. They probably will, but nothing free lasts for too long. Based on the article it sounds like they want to make it long-term but...600 mil...
Click to expand...
With a 600 million dollar investment, if you aren't making up the 5-10 million dollars lost per year for tuition, you need a new financial advisor.
 
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Ms Procrastinator said:
How long do they plan to keep this up for though? It doesn't even look like they met their goal in funds yet. They probably will, but nothing free lasts for too long. Based on the article it sounds like they want to make it long-term but...600 mil...
Click to expand...

Negative Nancy
 
Lucca said:
probably been calculated to where the initial 600 mill fund is invested by the University and the returns are sufficient to fund the (90*50k =) 4.5+ million / yr it will cost to keep this running in perpetuity (with inflation). There's a Malcolm Gladwell podcast on how universities use their endowments thats pretty interesting, I think it's in s2 of revisionist history
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It’s actually 4.5 mill times 4 (for all classes).
 
Lucca said:
I’m going to need you to sit down for this one.
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DoctorSnow said:
Literally a 100th percentile MCAT(average is 521) and a 4.0 (median is 3.92)
Click to expand...

What's funny about this is that they accepted someone with an MCAT as low as 504, and someone with a GPA as low as 3.28 with expectations those people will understand the material just fine.

Just more evidence that medical school love stat pushing.
 
Robin-jay said:
What's funny about this is that they accepted someone with an MCAT as low as 504, and someone with a GPA as low as 3.28 with expectations those people will understand the material just fine.

Just more evidence that medical school love stat pushing.
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pretty much. Data shows that after 500 MCAT majority of people pass med school fine. Stat inflation is not a reflection of anything besides supply and demand. Schools can demand stupid high stats just because.
 
medappnervousomg said:
Do any adcoms have insight into what this might mean for NYU admissions this year? Also, can we expect other medical schools to follow suit in the coming years?
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Expect their MCAT median to rise to 528.

if would be interesting to see if thi might cause an arms race amongst the most well endowed schools, like Harvard and Stanford.

I seriously doubt that new NYU grads will be going into Primary Care, though.
 
puahate said:
pretty much. Data shows that after 500 MCAT majority of people pass med school fine. Stat inflation is not a reflection of anything besides supply and demand. Schools can demand stupid high stats just because.
Click to expand...

Some lower tier DO schools average 495-499 MCAT scores, and pod med schools often average around 494-500 MCAT scores, and all of those students are becoming excellent physicians. I think the MCAT is probably the worst way to evaluate student competency in the field.
 
Goro said:
Expect their MCAT median to rise to 528.

if would be interesting to see if thi might cause an arms race amongst the most well endowed schools, like Harvard and Stanford.

I seriously doubt that new NYU grads will be going into Primary Care, though.
Click to expand...
I'm skeptical that average stats will rise more (they are already astronomical). NYU isn't the first top-tier med school to guarantee full-tuition to all of its students--CCLCM beat them to that by about 10 years (as the poster above mentioned) and their average stats are on par with other top tier schools. Additionally, we see students on here who seriously consider turning down full rides to excellent medical schools to attend Harvard/Stanford/Hopkins etc. I don't see how NYU would disrupt that trend. I'll go as far as to say that the tippy-top ranked schools like Harvard and Stanford won't change their practices at all.
 
scienceguy95 said:
I'm skeptical that average stats will rise more (they are already astronomical). NYU isn't the first top-tier med school to guarantee full-tuition to all of its students--CCLCM beat them to that by about 10 years (as the poster above mentioned) and their average stats are on par with other top tier schools. Additionally, we see students on here who seriously consider turning down full rides to excellent medical schools to attend Harvard/Stanford/Hopkins etc. I don't see how NYU would disrupt that trend. I'll go as far as to say that the tippy-top ranked schools like Harvard and Stanford won't change their practices at all.
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Top tier students, smart enough to get into Harvard, but dumb enough to turn down full rides to other medical schools to save 300k.
 
Robin-jay said:
Top tier students, smart enough to get into Harvard, but dumb enough to turn down full rides to other medical schools to save 300k.
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Certainly not disagreeing with you there--just saying it does happen. People on this site in particular abide by these US News rankings like the gospel when discussing medical schools, which naturally results in some people choosing to pay 300k for Harvard over their full-ride to Wash U/U-Chicago/UCLA etc.
 
scienceguy95 said:
Certainly not disagreeing with you there--just saying it does happen. People on this site in particular abide by these US News rankings like the gospel when discussing medical schools, which naturally results in some people choosing to pay 300k for Harvard over their full-ride to Wash U/U-Chicago/UCLA etc.
Click to expand...

Can't tell if these students are logical for scoring well on the MCAT or illogical for their real life thought processes. It's probably the biggest paradox on SDN:

"I want to be a physician and school A will get me there for free while school B is asking for 300k, what should I do?"
 
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Robin-jay said:
Can't tell if these students are logical for scoring well on the MCAT or illogical for their real life thought processes. It's probably the biggest paradox on SDN:

"I want to be a physician and school A will get me their for free while school B is asking for 300k, what should I do?"
Click to expand...
It is foolish, but I don't entirely blame them either. A lot of the top tier schools (especially ones that don't offer generous scholarships) are put on a pedestal for the prestige their name brings and alleged boost in competitiveness for ultra-competitive residencies. If you buy into this mindset completely, then attending U-Chicago (random top tier school that offers merit aid) gives you a smaller chance of matching Derm at Mass Gen than attending Hopkins (random 'higher' ranked school with stingy aid).
 
@ everyone replying above

School prestige/whatever matters for residency. How much it matters to you vs. how much money you have to pay is a personal decision but a decision you should make with maximal information. That is why you can’t just say “oh this school is free I should go there”. There is an opportunity cost. Again, how much value you place in that vs tuition is a personal decision, but don’t stick your head in the sand and say it’s irrelevant.
 
scienceguy95 said:
I'm skeptical that average stats will rise more (they are already astronomical). NYU isn't the first top-tier med school to guarantee full-tuition to all of its students--CCLCM beat them to that by about 10 years (as the poster above mentioned) and their average stats are on par with other top tier schools. Additionally, we see students on here who seriously consider turning down full rides to excellent medical schools to attend Harvard/Stanford/Hopkins etc. I don't see how NYU would disrupt that trend. I'll go as far as to say that the tippy-top ranked schools like Harvard and Stanford won't change their practices at all.
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How many people have even heard of CCLCM? It's not even in MSAR!

I submit that NYU is far better known, and not all of the Really Top Schools give free rides for all four years.
 
WedgeDawg said:
@ everyone replying above

School prestige/whatever matters for residency. How much it matters to you vs. how much money you have to pay is a personal decision but a decision you should make with maximal information. That is why you can’t just say “oh this school is free I should go there”. There is an opportunity cost. Again, how much value you place in that vs tuition is a personal decision, but don’t stick your head in the sand and say it’s irrelevant.
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It's not irrelevant, but we're not talking about Nowhere State University School of Medicine vs. Harvard Med. We're talking about what are by all accounts top tier schools in terms of affiliation, match lists, stats vs. Harvard Med. The only difference is that the other top tier school isn't ranked as highly by US News.
 
Goro said:
Expect their MCAT median to rise to 528.

if would be interesting to see if thi might cause an arms race amongst the most well endowed schools, like Harvard and Stanford.

I seriously doubt that new NYU grads will be going into Primary Care, though.
Click to expand...

Yea, it's interesting that CCLCM doesn't have anyone going into FM!

CCLCM Class of 2018 Match Results
 
Goro said:
How many people have even heard of CCLCM? It's not even in MSAR!

I submit that NYU is far better known, and not all of the Really Top Schools give free rides for all four years.
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I agree that NYU is better known for the university name recognition, but I disagree with your implication that it's not a "really top school." Honestly a lot of this is CCLCM's own fault for almost intentionally hiding its program, but if you take a closer look their students match like a top 5 medical school (I would argue stronger than NYU). Not to mention it's affiliated with the #2 hospital in the country. None of this is to discredit NYU, but they simply weren't first.

But also, this idea that reducing cost of medical education will magically encourage people to pursue primary care is a joke. The only way to encourage people to go into primary care is to make it a more compelling proposition (better lifestyle, compensation, etc). You can see it in CCLCM's match list and no doubt NYU's match list will be specialty heavy for years to come.
 
allantois said:
Yea, it's interesting that CCLCM doesn't have anyone going into FM!

CCLCM Class of 2018 Match Results
Click to expand...
scienceguy95 said:
I agree that NYU is better known for the university name recognition, but I disagree with your implication that it's not a "really top school." Honestly a lot of this is CCLCM's own fault for almost intentionally hiding its program, but if you take a closer look their students match like a top 5 medical school (I would argue stronger than NYU). Not to mention it's affiliated with the #2 hospital in the country. None of this is to discredit NYU, but they simply weren't first.

But also, this idea that reducing cost of medical education will magically encourage people to pursue primary care is a joke. The only way to encourage people to go into primary care is to make it a more compelling proposition (better lifestyle, compensation, etc). You can see it in CCLCM's match list and no doubt NYU's match list will be specialty heavy for years to come.
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Where did I say that either NYU or CCLCM was NOT a Really Top School?

Agree 100% with the bolded. But the general gestalt amongst medical educators for nearly two decades has been that people go for the lucrative specialties due to the massive debt that med students acquire.
 
scienceguy95 said:
It is foolish, but I don't entirely blame them either. A lot of the top tier schools (especially ones that don't offer generous scholarships) are put on a pedestal for the prestige their name brings and alleged boost in competitiveness for ultra-competitive residencies. If you buy into this mindset completely, then attending U-Chicago (random top tier school that offers merit aid) gives you a smaller chance of matching Derm at Mass Gen than attending Hopkins (random 'higher' ranked school with stingy aid).
Click to expand...

If you are able to match Derm at Harvard, then surely one could match derm at another high tier school like U-Chicago that gives you free aid.
 
Goro said:
Where did I say that either NYU or CCLCM was NOT a Really Top School?

Agree 100% with the bolded. But the general gestalt amongst medical educators for nearly two decades has been that people go for the lucrative specialties due to the massive debt that med students acquire.
Click to expand...
Sorry, it seemed like you were implying CCLCM was not a "Really Top School" based on the way you framed your post. If that's not your opinion then there's nothing to argue about. I agree it is less well known though.

Yeah, the debt burden definitely discourages the pursuit of those lower-paying specialties. But I also think, outside of finances, most of these top schools with their academic focus encourage specialization indirectly. Some exceptions that maybe come to mind are UCSF and Michigan due to their strong primary care roots, but even there you see mostly specialized matches.
 
Well looks like I'll be doing one more secondary considering it may result in a full ride.
 
freedoctor17 said:
Well looks like I'll be doing one more secondary considering it may result in a full ride.
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Do you have an NYU caliber app? If not, they don't need the money. Take your SO out for dinner instead.
 
Goro said:
Do you have an NYU caliber app?
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stats wise I am at their level and I have very good service with underserved and tons of research although I am very average (I was told in the past by you and LizzyM that I have the minimum amount that is considered okay) when it comes to clinical volunteering/shadowing

tbh though, now that they are giving full rides to everyone Im guessing it'll get even more competitive so not sure how much of a chance I'll have but it's worth a shot to spend the extra 40 dollars now

on that note my bank account is looking very sad right now, I have now applied to 4 more schools than i intended initially although having FAP has helped a ton, luckily I got a job that pays more for the upcoming semester to make up for it haha
 
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