4 Quick Facts About New York’s “Free Tuition”
In recent education news, New York State became the first state to offer free tuition at two-year and four-year colleges. The Excelsior Scholarship, was approved over the weekend and covers about 1.3 million full-time students. We’ve done some research to see if this was too good to be true. Here are 4 facts about New York’s Excelsior Scholarship:
1. It’s likely to benefit higher-income New Yorkers more.
“Students must first apply for, and use, other money like federal Pell Grants, before turning to the scholarship. That, in turn, means that low-income students have less to gain from the scholarship than do students from families who are too wealthy to qualify for those grants.”
2. It pays for just half of the cost of attending college.
“New York has a higher-than-average cost of living.”
3. You must attend full time and finish on time.
“You better be on i10 by 10.”
4. You must stay in the states.
“The Excelsior requires people to work in New York state for at least two years after they receive an associate’s degree, or four years post bachelor’s. If they leave, the full grant retroactively becomes a loan.”