Cornell, on Monday, announced that Weill Cornell Medicine would offer debt-free medical schooling for financial aid students.
Historically, over half of the students at Weill Corner have been covered by need-based study scholarships to defray the attendance cost at the institute, which is around $900,00 per year and taken loans for covering the remaining difference. But now, the new program would help students forego this borrowing and get the loans covered by scholarships.
The new program would be introduced for 2019-2020 academic year, said Weill Cornell. The students in the 2023 Weill Class and onwards would have their student loans replaced by scholarships which would cover housing, tuition as well as other living expenditures.
The financial aid program aims at helping students, including the ones coming from economically distinct backgrounds, to pursue medical education with no financial burden. It empowers the students to concentrate ultimately on their careers, talents and interests instead of future salaries for repaying their loans.
According to organization StudentDebtRelief.com, an average medical graduate owes around $170,000 as debt.
Augustine M. Choi, the dean of Weill Cornell, who announced about the new program, signed an op-ed recently upon the issue of debt-free medical schooling.
Notably, this announcement comes after the well-appreciated move undertaken by New York University of eliminating medical school tuition fee in August 2018.