Columbia U medical school launches scholarship to eliminate student loans

New York City-based Columbia University Vagelos College of Physicians and Surgeons announced its intent April 11 to become the first medical school in the nation to eliminate student loans for all students.

University officials sent Columbia medical students and recently accepted students letters discussing the scholarships April 11.

Officials said roughly half of the medical school's student body receives financial aid, including need-based scholarships and student loans, to pay their tuition and housing. Under the new program, any loans medical school students incurred will be replaced by scholarships, and those students with the greatest financial need will receive full-tuition scholarships.

The scholarship program is funded through a $250 million donation to the university by P. Roy Vagelos, MD, the former president, CEO and chairman of Merck, and his wife, Diana, last December. The couple has donated $300 million-plus to the institution, with $150 million in funds designated for the creation of a scholarship fund endowment.

Officials previously expected the scholarship endowment to kick in within several years. However, the Vagelos' donation, along with donations from other Columbia alumni, faculty and friends allowed the university to begin offering scholarships to students this year.

According to the Association of American Medical Colleges, the average cost of medical school at private institutions in the U.S. amounts to nearly $60,000 per year. Nearly 73 percent of students at private medical schools graduated with approximately $190,000 in debt.

At Columbia, students qualifying for financial aid typically borrow roughly $30,000-plus per year to fund their education, according to officials.

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