Yale School of Medicine students receiving need-based scholarships are in luck. Beginning next year, they will only need $15,000 in loans to cover their cost of attendance. Currently, they must borrow $23,000. Furthermore, they had to borrow $30,000 just two years ago. Therefore, Yale has cut their loan amounts by 50% in the past two years. Students with demonstrated need will graduate with a maximum debt of $60,000 starting with the Class of 2023.
Application volumes may not skyrocket quite like NYU, but, considering the median medical school graduate carried $200,000 in debt last year, it’s nonetheless impressive. Yale noted this move is designed to attract a more diverse applicant pool. We commend them for that but we also believe this is a response to NYU’s tuition-free policy. Finally, we hope others follow suit.