A hallmark of the budget is the Excelsior Scholarship providing tuition (up to $5,500) to two- and four-year SUNY and CUNY colleges and universities for students of households earning up to $125,000. The remainder of tuition costs will be covered by the state Tuition Assistance Program and federal Pell Grants. According to the Governor, 940,000 families will be eligible for the program.
The program will be phased in over the next three years beginning fall 2017 for families making less than $100,000. The cap will increase to $110,000 in 2018 before reaching the full $125,000 in 2019. Excelsior Scholarship recipients will have to meet the following requirements:
- Be enrolled in at least 12 credits per semester (earning at least 30 credits/academic year;
- Maintain a to-be-determined Grade Point Average;
- Remain on track to on-time graduation;
- Agree to live and work in New York State upon graduation for the term of their scholarship;
- Sign a contract that stipulates upon failing to fulfill the program requirements, the scholarship converts into a loan.
The debate over college affordability began with graduates, not college-bound students. What they had heard of the college debt crisis, came from graduates suffocating from the struggle of balancing stagnant wages and escalating college debt. For the college-bound, there is a reprieve. The crisis for our graduates continues. Work continues on this end, as well as keeping a keen eye on the Excelsior Scholarship in the event it falls short in terms of funding, and if competition and lack of SUNY/CUNY slots have an adverse effect on the program’s success.