In order to help ease the financial burdens that drive physicians into practice as opposed to academics, The Cleveland Clinic will offer tuition free medical education.
For quite a while, the medical community has felt the burden of the high cost of education on the academic fields of medicine. With an average student loan debt of more than $140,000, many new physicians are unable to teach medicine as opposed to practice medicine due to the high financial burdens associated with the field.
These burdens have long been studied in regards to their overall effect on physician career path choices. According to a survey by the Association of American Medical Colleges, 33 % of all students believe their debt after education will influence the career path they choose to take.
It is clear by the reported salaries that practicing medicine is more financially rewarding than teaching medicine with a difference in salaries between $20,000 to $200,000 a year. With the need for medical doctors increasing, the overall need for medical teachers is increasing as well. But, the percentage of medically educated people interested in teaching was around 15% until 2007 when the number dropped below 10% of the students. These dropping numbers is causing turmoil of troubles that the Cleveland Clinic is not willing to stand by and watch.
The Cleveland Clinic Lerner College of Medicine of Case Western University is offering free tuition for incoming medical students. The schools goal is to train physicians who will teach and conduct medical research. This free tuition, on average, will save students nearly $44,000 each year. Over the course of their education, this savings could mean the difference in choosing a practicing field and choosing an educational field.
The beginning stages of the scholarship program will be funded from a mixture of patronage and profits. But, over time, the entire program will be endowed by outside sources offering more and more chance at a free medical education.
The programs will center on teaching and research education and will be incorporated into a 5 year program.
While the scholarship fund is set up for all incoming students, this does not mean that all students are admitted to the school on the first try. With the outlook of saving more than $40,000 every year, the enrollment has skyrocketed and the admission process may attract more top-tier candidates.
