The NYU School of Medicine announced August 16th that it has begun offering full-tuition scholarships to all current and future students in its M.D. degree program regardless of need or merit, it said in a statement.

The offer is the only one of its kind in the top 10 U.S. medical schools.

“Thanks to the extraordinary generosity of our trustees, alumni, and friends, our hope – and expectation – is that by making medical school accessible to a broader range of applicants, we will be a catalyst for transforming medical education nationwide,” said Kenneth G. Langone, chair of the board of trustees of NYU Langone Health.

Langone, and his wife Elaine, amassed a $3.5 billion fortune from co-founding Home Depot, according to Forbes. They've given $100 million to fund the new tuition offer – which comes with a $600 million price tag. NYU has already raised over $450 million of that, according to the magazine.

The unusual offer covers the $55,018 annual tuition costs at the institution.

“This decision recognizes a moral imperative that must be addressed, as institutions place an increasing debt burden on young people who aspire to become physicians,” added Dr. Robert I. Grossman, the Saul J. Farber Dean of the NYU School of Medicine, and CEO of NYU Langone Health.

Crushing medical school debt has reshaped the face of medicine, driving many into higher-paying specialities in order to deal with loans, noted the NYU statement. This has pulled talent away from less financially rewarding but essential specialities like primary care and pediatrics.

In addition, such overwhelming financial demands also “discourage many promising high school and college students from considering a career in medicine altogether due to fears about the costs associated with medical school,” according to NYU.

“A population as diverse as ours is best served by doctors from all walks of life, we believe, and aspiring physicians and surgeons should not be prevented from pursuing a career in medicine because of the prospect of overwhelming financial debt,” said Grossman.

In 2017, fully 75 percent of all U.S. doctors were in debt upon graduation, according to the Association of American Medical Colleges (AAMC). The median debt is $202,000, and the 21 percent graduating from private schools rack up an average of over $300,000 to pay for their education.

“Tuition-free medical education goes beyond the merit and financial scholarships, and debt cancellations that other academic centers have traditionally favored,” explained Dr. Rafael Rivera, NYU associate dean for admissions and financial aid. “More importantly, it addresses both physician shortages and diversity.”

In fact, the U.S. could face a shortage of up to 120,000 physicians by 2030, impacting patient care across the nation, according to data published in April by the AAMC.

“This tuition-free initiative is the next big milestone in NYU School of Medicine’s effort to transform medical education,” said Dr. Steven B. Abramson, NYU senior vice dean for education, faculty, and academic affairs. “The model of medical education needs to address changing scientific, social, and economic circumstances as well as dramatic changes in the healthcare delivery system.”

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