According to the Cornell Chronicle, Cornell Medical’s new scholarship program will allow qualified students to complete their medical education debt-free. Thanks to donations totaling $160 million, Weill Cornell Medicine has been able to expand its financial aid program.
What these aid packages cover
Beginning with the 2019-20 academic year, scholarships will provide debt-free educations to all medical students who demonstrate financial need. These scholarships, which cover tuition, housing, and other living expenses, will replace the student loans historically taken out by students. The new financial package guarantees that all students, despite their financial position, can receive a medical education without debt. This will allow students to focus on their medical education without worrying about their financial situation.
According to Cornell President Martha E. Pollack, “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 impart a lasting, positive effect on the health care landscape across the country.”
The previous program, through which more than 50% of Cornell Medical students received need-based scholarships, averaged $90,000/year. Students took out loans to cover the rest of their costs.
It has taken 30 years of fundraising for this program to come to fruition. The lead gift came from the Star Foundation, directed by Maurice R. Greenberg, who is a member of the Weill Cornell Medicine Board of Overseers. Additional major funding from Joan and overseer Sanford I. Weill and the Weill Family Foundation and other generous supporters have made this long-term dream a reality.
Students in the dual MD/PhD Program receive their financial aid covering full tuition and a stipend for living expenses through a program by the National Institutes of Health and Weill Cornell Medicine. Thanks to these two programs, 2/3 of Weill Cornell Medicine’s medical students will graduate without any financial obligations.
Qualified students starting their medical education in the fall of 2019, and every following entering class, will have their student loans replaced by the new scholarships for their entire time at Weill Cornell Medical. Returning aid-eligible students will receive scholarships to replace their loans for the current year and the rest of their time as Weill Cornell medical students.
Improving students’ lives
Other gifts to Weill Cornell Medical are providing additional projects to improve the lives of Weill Cornell medical students. The Feil Family Student Center will open its doors in October 2019. This will add almost 75% more dedicated student space. A new residence hall is expected to open in 2023. Planned to house 300 students, this new hall will almost double Weill Cornell Medical’s housing capacity.
Weill Cornell Medicine has a proven commitment to student wellness. The school has developed and will host the first National Conference on Medical Student Mental Health and Well-Being in September 2019. The meeting will focus on the challenges to health in the medical school venue and identify state-of-the-art methods to resilience training and mental health treatment that can be used at medical schools throughout the US.
In the past admissions cycle alone, we’ve seen our applicants win over $1.5 million in scholarship offers, and we can help you too! Explore Accepted’s one-on-one advising services for more information on how we can guide you to admission…with funding!
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Related Resources:
• Financial Planning for Physicians, Med Students, and Premeds, a podcast episode
• One Doctor’s Path to Becoming a Neuroscientist, a podcast episode
• Comparing In-State and Out-of-State Medical School Acceptance Rates