On the first day of medical school at New York University, it's tradition for students to get a white lab coat. But this year they got a much bigger gift — free tuition.
NYU recently announced it will cover the full tuition cost for all medical students regardless of need. Given the staggering cost of med school in general, many consider it a substantial gift. This year's tuition at NYU is $55,000, which doesn't include housing and fees, which could cost an additional $27,000.
The program, which is funded by donors including Home Depot co-founder Ken Langone, has raised $450 million of the $600 million dollar goal.
"These kids, when they're done, are going to be able to pick a specialty or pick a field of medicine they want to go in, because that's where their passion is and that's where they can do the most good," Langone told CNBC in an interview.
But not everyone believes the gift will achieve this goal.