About 93 first-year students will receive full-year scholarships, on top of 350 students who are already in the midst of their medical program, the publication said.
It says it is now the only top 10 USA medical school to offer such help. What's more, 21 percent of doctors graduating from a private school do so with over $300,000 of educational debt. Now thousands of medical students and the general public, who are in need of a balanced and affordable medical array of services, will be able to take that commitment right to the bank.
Grossman said he hopes the shift will make NYU's medical school more inclusive for dedicated students unsure about medical school because of its cost.
For the class of 2017, about 72 percent of students graduated with a median of $180,000 in medical education debt, according to the Association of American Medical Colleges.
"Tuition-free medical education goes beyond the merit and financial scholarships, and debt cancellations that other academic centers have traditionally favored", says Rafael Rivera, MD, MBA, associate dean for admissions and financial aid.
In connection with the catastrophic shortage of doctors in the country University of NY chose to alleviate the financial burden of studying current and future medical students.
The initiative covers the $55,018 in annual tuition costs, the school says, and is effective immediately for all current and incoming students.
School officials said they have been working towards making the scholarship a reality for 11 years.
Rising tuition and six-figure loans have been pushing new doctors into higher-paying fields and contributing to a shortage of researchers and primary care physicians.
Robert Grossman, dean of the NYU School of Medicine, said the decision is an attempt to tackle debt burden on aspiring physicians.
The decision by NYU to provide free tuition to all of its students may cause ripples well beyond a four-block stretch along the East River. "You have no idea how important this is", one person tweeted, noting that their boss has been a pediatric physician for more than 20 years and still has student loans.
Grants, much like merit and financial aid, Rivera explains, are made only after students have chosen their career path.
"That's too late if we wish to expand the pipeline to bring forth the broadest, most-talented group of students", he said in a statement, "and to give them the financial freedom to choose medicine over other careers".
NYU thanked more than 2,500 supporters who helped bring the scheme to fruition.