Good news NYU  medical students. New York University's School of Medicine announced on Thursday (Aug. 16)  that it is granting all of its students free tuition, regardless of merit or need, The New York Times reports. The administration reportedly cites concerns about "overwhelming financial debt" as the reason for the new policy.

All students arriving and incoming will reportedly received a full ride to the School of medicine. The current 442 students attending will reportedly have the rest of their tuition paid in full through the medical program.

"The scholarships will also be established, from here on out, to every future medical student at the school," NYU stated in a press release.

The annual tuition was reportedly $55,018. Student debt by the time of graduation tallied at an average $191,000, according to a 2017 survey from the Association of American Medical Colleges. "The debt can scare people away" Rafael Rivera, NYU’s associate dean for admissions and financial aid, told CNN. "One of those individuals could be the one to find a cure for cancer. For us, it's important to have the best applicant pool possible, and society deserves nothing less."

The news comes shortly after Governor Andrew Cuomo announced his proposition to make college tuition free for potential college students in the state of New York. The U.S. Senate approved Cuomo's proposition in Apr. 2018.

Unfortunately, it is unclear if there is any policy or program in place to help graduated students who are currently working to pay off their debt. Nevertheless, this is another win to combat the nationwide issue.