Cornell University has announced that the Weill Cornell Medicine scholarship will seek to end the student debt of all qualifying medical students.
This week, Weill Cornell Medicine has announced a transformative new scholarship programme that will end student debt for all medical students who qualify for financial aid.
The scholarship is funded by The Starr Foundation, directed by Weill Cornell Medicine Overseer Maurice R. Greenberg, in partnership with gifts from Joan and Board of Overseers Chairman Emeritus Sanford I. Weill and the Weill Family Foundation.
These gifts amount to a combined total of $160 million and the institution will ensure that the best and brightest aspiring doctors have the financial support and freedom to seek careers in medicine.
This new financial aid programme expands Weill Cornell Medicine’s scholarship offerings to provide debt-free education to all medical students who have demonstrated financial need at the start of the 2019-2020 academic year and then every year thereafter in perpetuity.
Cornell states reduced financial strain refocuses medical students
The institution believes that by replacing student loans with scholarships to cover tuition, housing and other living expenses students from economically diverse backgrounds can access medical education without financial burden.
The programme empowers students to maintain focus on their careers, interests and talents as opposed to the requisite future salaries to repay their loans.
Dr Augustine MK Choi, the Stephen and Suzanne Weiss Dean of Weill Cornell Medicine and Provost for medical affairs at Cornell University, said: “Weill Cornell Medicine has been a leader in medical education since its inception in 1898, dedicated to training outstanding physicians and scientists from all walks of life.
“It is with extraordinary pride that we are able to increase our support of medical education for our students, ensuring that we can welcome the voices and talents of those who are passionate about improving human health.”
Martha E Pollack, President of Cornell University, added: “This bold initiative to eliminate medical education student debt ensures that every student who wishes to become a doctor can do so – for their betterment and for the patients they serve.
“By investing in our medical students, we impact a lasting, positive effect on the healthcare landscape across the country.”
Historically, more than half of Weill Cornell Medicine’s medical students have received need-based scholarships to help defray the institution’s cost of attendance, which is an average of $90,000 a year, and have taken out loans to cover the difference.
The new financial aid programme means that all medical students who qualify for aid will be able to forego that borrowing and have their medical education entirely covered by scholarships.
Kate Frazer is a reporter for Global Education Times with a focus on UK/Ireland and North American education news. When she is not writing for GET News, Kate spends her time as an English and Maths tutor, and is currently pursuing her PGCE in Secondary Mathematics.
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