A groundbreaking scholarship program at Cornell University will eliminate all debt for eligible medical students.

Weill Cornell Medicine held a press conference with students Monday morning to announce the new scholarship program, which will grant medical students full scholarships instead of forcing them to take out loans.

There's no doubt that the new program will be life-changing, given that Cornell's MD program ranges around $90,000, according to Weill Cornell. Now, medical students at the New York City university can now breathe easy as they pursue their dreams.

Augustine M.K. Choi, Dean of Weill Cornell Medicine, said the program is a product of donations and endowments of over $150 million.

"This is truly a momentous day for Weill Cornell Medicine," Choi said at the press conference. "This program ensures that all qualifying students, including those from economically-diverse backgrounds, will have the ability to pursue their medical education at Weill Cornell Medicine, without the financial burden, and to ultimately focus their careers on their interests, passions and talent."

But the benefits don't stop at tuition. The program will help eligible students cover a number of costs, from tuition to books to health insurance to housing, according to Choi.

While the program will not pay off debt that has already been paid, it will cover financial aid from this point forward.

Choi said the program already had a $150 million endowment for the scholarship before the college announced another $160 million gift Monday morning. According to the New York Times, Choi said the program would need another $50 million in the coming years to continue, but he is "very confident" it will succeed.

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