The New York University (NYU) School of Medicine announced Thursday that its MD degree program will be paid for through full-tuition scholarships to all current and future students, regardless of need or merit.
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The yearly tuition costs covered by the scholarship are $55,018.
NYU said the move was to address the rising costs of medical education and still attract the best and brightest students to careers in medicine.
NYU is ranked No. 3 in medical research schools, according to U.S. News & World Report.
Seventy-five percent of doctors in the U.S. graduated with debt, according to the Association of American Medical Colleges, and the median current debt of a graduating student is $202,000.
According to Glassdoor, physician is the highest paid job in America, with a median base salary of $195,842 per year. The Bureau of Labor Statistics says the job outlook is for 13 percent growth from 2016-2026, which is faster than average job growth.