New York University said Thursday it would offer all its current and future medical school students free tuition in an effort to tackle soaring debt levels and encourage more applicants.

The move — which it said was financed by the generosity of the university’s “trustees, alumni, and friends,” amounts to a reduction of $55,018 in annual fees, regardless of financial needs or academic merit.

It does not cover living and administrative costs averaging $27,000 a year.

“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 Dr Robert Grossman, dean of the NYU School of Medicine.

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