(CNN) Cornell University's medical school had a life-changing announcement for its students. They'll get a top-notch college education and walk out debt-free.

Weill Cornell Medicine said Monday it would eliminate medical education debt for all students who qualified for financial aid, starting with the students that entered the program this fall.

"By replacing student loans with scholarships that cover tuition, housing and other living expenses, the programs ensures that all students, including those from economically diverse backgrounds, can pursue their medical education without financial burden," the university said in a statement.

The decision was made possible by donor gifts, which round up to more than a whopping $160 million, the university said.

"This bold initiative to eliminate medical education student debt ensures that every student who wishes to become a doctor can do so -- for their betterment and for the patients they serve," Cornell University President Martha E. Pollack said in a statement.

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