… said Kenneth G. Langone, chair of NYU Langone Health’s board of trustees.
Together with his wife Elaine, Langone, who made his $3.5 billion fortune as a co-founder of Home Depot, has given $100 million to fund the tuition package. NYU has raised more than $450 million of the $600 million it will need to fund the program.
While the NYU program covers tuition, it does not provide funds to pay for room and board in one of the nation’s most expensive cities. At NYU that comes to some $27,000 a year. The average debt of NYU’s class of 2017 was $184,000. With this announcement, it should be much lower.
The pay off could be great for graduates of medical school. Pediatricians earn an average of $221,900 a year, according to one survey, and internists make $260,000. By contrast neurosurgery, the top-earning specialty pays an average of $662,755. Orthopedic surgeons make $537,568.