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The New York University School of Medicine learns that no good deed goes unpunished.
The high-level medical school has announced with much din this month that it is injecting $ 600 million from private donors to abolish tuition for all students. Refunds to current enrolled persons Prior to the announcement, annual tuition was $ 55,018.
The NYU leaders hope the move will help tackle the growing problem of student debt among young physicians. and discourages some from becoming doctors.
"A population as diverse as ours is best served by physicians from all walks of life, we believe and aspire to Doctors and surgeons should not be prevented from pursuing a career in medicine because of the prospect of overpowering financial debt, "Dr. Robert Grossman, Dean of the Faculty of Medicine and CEO of NYU Langone Health, in a statement from the university. The NYU declined a request to further elaborate their plans.
The announcement generated headlines and applause from students. But not everyone thinks of having to give up all medical students, even those who can afford to approach the complicated issue of student debt.
"When I start organizing different charities" People who pay in cash are not high on my list, "says Craig Garthwaite, a health economist at Kellogg School of Management, Northwestern University. [19659014"Ifyouhaveareasontofindtonsofmoneybehinditthat'saweirdthingforme"saysDrAaronCarrollapediatricianandresearcheratIndianaUniversity
Nonetheless, debt medical education is a major healthcare problem According to the Association of American Medical Colleges, which represents US medical schools and academic health centers, 75 percent of graduates had student loans debts in 2017 when they started their careers, with a median tally of $ 192,000, with nearly half more owing $ 200,000.
However, it is less clear what impact these debts have on the choice of medical specialty. AAMC's data suggest that debt does not play a major role in the selection of specialty stocks, as some analysts claim.
If indebtedness were a huge factor, one would expect that doctors who owe most would choose the highest paid specialties. This is not the case.
"Debts are not very different across sectors," says Julie Fresne, AAMC's director of financial services and debt management.
Garthwaite agrees. He says that surveys in which young doctors claim debt as a reason for choosing a more lucrative specialty should be viewed with suspicion.
"No one [who chooses a higher-paying job] says they did it because they want two Tesla's," he says. "They say they have all these debts."
Carroll questions how much of the difference is even $ 200,000 in student debt for people still in the bottom six of the medical spectrum. "The doctors are generally fine," he says. "The idea that we should feel sorry for the doctors or worry about them seems strange to me."
The choice of specialty is also influenced by more than money. Some specialties may bring less sophisticated lifestyle than basic or more prestige. Carroll says when he chose pediatrics, his father's surgeon was unimpressed, calling it a "garbage man" specialty.
There are also a number of government programs that help students afford medical school or that grant loans to students, though usually such programs The new physicians must work for several years in the military or in a medically underserved location. For example, the Bundesgesundheitsdienstkorps awards grants and loan repayments to physicians who agree to work in predominantly rural or inner-city areas where there is a shortage of health care providers. And the Ministry of Education oversees the Public Service Loan Forgiveness Program, which annuls credit outstanding after 10 years for those working for nonprofit employers.
Medical schools themselves address the debt problem of the students. Many – including the NYU – have created programs that allow students to graduate from medical school in three years instead of four – cutting costs by 25 percent. And the Cleveland Clinic, along with Case Western Reserve University, has a school-based school program to train future medical researchers. It takes five years, but grants graduates with a doctorate in medicine and a special research credential or a master's degree.
This latest move from NYU, however, is part of an ongoing race among top-notch medical schools to attract the best students – and potentially improve a school's national rankings.
In 2014, UCLA announced that it would provide 20 per cent of its students with performance-related scholarships covering the full cost of medical education (including not only education but also living expenses). Columbia University announced a similar plan earlier this year, although the Columbia program, unlike NYU and UCLA, relies on a student's financial needs.
These programs are funded, in whole or in part, by large donors whose names each medical faculty carry. David Geffen of UCLA, former CEO of Merck, P. Roy Vagelos at Columbia, and Kenneth Langone of Home Depot at NYU
The economist Garthwaite says it's all well and good when top doctors want to compete with top students through discounts. But if their goal is to encourage more students to enter primary care or lure more people from low-income families into medicine, abandoning the lesson is "not the most effective way to reach that goal."
Kaiser Health News a non-profit news service, is an editorially independent program of the Kaiser Family Foundation and is not affiliated with Kaiser Permanente.