John Cyr, Fargo
With $ 6.2 billion in the fund, this should be the easiest decision our legislature can make. My numbers may be a little crazy, but it makes sense. Invest $ 400 million in a state-owned bank endowment fund, with 4% interest per year, to fully fund a four-year scholarship for all UND medical students! Why? Read below!
1. There are 78 medical students per class at UND per year. Tuition fees amount to $ 31,130 and those of the state to $ 57,620 per annum; so take the average of $ 44,375 (or about $ 50,000 for inflation) per student per year. The annual cost would therefore be 3.9 years of required students per year. Let's come together and say they need $ 16 million a year to fund free tuition. It's 400 million dollars X 4% per year without ever touching the principle. That gives them $ 16 million a year without ever actually spending the money that the state would give to the State Bank of North Dakota, belonging to the STATE, for s & # 's. 39, occupy the faculty of medicine UND.
2. The shortage of family physicians, internal medicine and pediatrics is well known and only worsens. We know it in North Dakota, especially in rural areas. 3. What North Dakota receives in return: by accepting free tuition at a medical school, the student owes to the state three years of practice in the school. 39, state, anywhere in the state! This would give the state an additional 234 new doctors, rotating, who will not only help meet its physician needs, but also provide us with 234 quality jobs that pay taxes and help stimulate our economy.
4. Does this increase the chances that more doctors will stay in the state? Nobody knows, it's better than sitting on our hands and hoping it'll be better. Everyone is looking for ideas for the Legacy fund, which would represent only 6.2% of the fund.
5. Full Disclosure: This idea comes from the University of New York, which now fully funds free tuition fees in medical schools (without any conditions.) Unlike the three-year commitment I am proposing to do in North Dakota). The number of candidates has grown considerably as you can imagine.
The company that launched Home Depot funded $ 100 million and raised an additional $ 250 million. They have 100 medical students a year and their tuition fees are also higher than at the University of North Dakota.
No, I do not have a son or daughter who will go to medical school soon and I am a graduate of North Dakota State University and not of the University of North Dakota.
. (tagsToTranslate) Letters to the Editor (t) Idea North Dakota Legacy Fund