Stanford (Calif.) University School of Medicine has received a $55 million donation that will help eliminate medical school debt for incoming students with financial needs.
Stanford hopes eliminating the debt burden will allow students to consider pursuing less lucrative specialties.
The gift, from Bay Area real estate developer and Stanford University alumnus John Arrillaga, was made as a challenge gift. The school of medicine plans to match the gift through a combination of philanthropic donations and increased institutional support.
In total, Stanford expects $90 million will go toward eliminating medical school debts for incoming students throughout the next decade.
The funding will cover both tuition and living expenses for students who qualify.