Powered by $160 million in gifts will enable two-thirds of students to graduate without debt
Students whose passions, skills, and talents point the way to medicine can now pursue their career aspirations, without any burden that comes with significant debt burdens.
The newly announced financial aid program established by Weill Cornell Medicine will ensure that medical students who qualify for aid do not accumulate new medical education-related debt starting in the 2019-2020 academic year.
Overseer Weill, chairman emeritus of Weill Cornell Medicine’s board, said “Providing debt-free medical education isn’t just what’s right for our students; it is critical to creating the best doctors for all generations to come. We are proud to be champions of our students at one of the most pivotal times of their lives.”
A financial relief nurturing medical career
Now, under the new financial aid program, qualified medical students for aid will be able to skip borrowing and have their medical education, including tuition, books, housing, food and related expenses covered by scholarships. Students pursuing dual M.D.-Ph.D. degrees, through a separate program will receive full tuition and stipends for living expenses from the National Institutes of Health and Weill Cornell Medicine. Together, these two programs will now enable two-thirds of Weill Cornell Medicine’s medical student body to graduate without debt.
Weill and the Weill Family Foundation have stapled this longstanding goal possible. Through these landmark gifts, including other generous patrons that together total $160 million, the institution ensures the best and brightest aspiring doctors have the financial support and freedom to seek careers in medicine.
Historically, more than half of Weill Cornell Medicine’s medical students have received need-based scholarships of an average of $90,000 a year to help defray the institution’s cost of attendance.
The game-changing aid for diverse backgrounds
By replacing student loans with scholarships that cover tuition, housing, and other living expenses, the program ensures that all students can pursue their medical education without financial burden. The program backs students from economically diverse backgrounds by empowering them to ultimately focus their careers on their interests and talents, rather than the requisite future salaries to repay their loans.
Dr. Augustine M.K. Choi, the Stephen and Suzanne Weiss Dean of Weill Cornell Medicine, said, “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. We are profoundly grateful to The Starr Foundation and Maurice and Corinne Greenberg, Joan and Sandy Weill, the Weill Family Foundation, and many other Weill Cornell Medicine donors for making this possible and helping us change the future of medical education.”
The Starr Foundation’s lead gift towards scholarship- the single largest in its history- together with the Weills’ and their family foundation’s pivotal support, makes this new program possible.