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Why would a university willingly give up millions of dollars in tuition?

Some people and institutions optimize for other things once they have enough money.

Alas, this couldn’t have a large effect on health costs anyway, since costs are dominated by things other than doctor pay.

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They're not giving it up—it's being paid by the interest on a rather large endowment.

They are giving up interest on a rather large endowment.

From the article they are 450 million into a roughly estimated 700 million needed to fund this new initiative.

An endowment that wouldnt exist except for the free tuition.

Part of this money could only have been raised by a free tuition program. But many top med schools have somehow accrued huge endowments without offering free tuition. So that part may not be enormous.

It’s an awesome program for these students.

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