Do you have to pay back NYS Excelsior Scholarship?

The Excelsior Scholarship awards which you receive will convert to a zero-interest loan. What is the repayment term if my Excelsior award reverts to a loan? The Excelsior Scholarship will convert to a 10-year loan. Loans can be repaid early without penalty.

What are the cons of the Excelsior Scholarship?

UNSTABLE BENEFITS. Students who qualify for Excelsior benefits receive a valuable financial aid grant – but an unstable one as well. Students must maintain a pace of 30 credit hours per year and remain on track for an on-time graduation or else permanently lose access to the program.

What happens if you drop out with Excelsior Scholarship?

If you do not earn 30 credit hours each year you will lose the Excelsior Scholarship and may not be able to reinstate it. After graduation, you must live and be employed (if working) in New York State for the number of years you received the scholarship.

How much is the NYS Excelsior Scholarship?

The maximum annual Excelsior Scholarship is $5,500, however a tuition credit will be awarded to cover any gap between the maximum Excelsior Scholarship and the cost of annual tuition. Award cannot be applied to non-tuition costs, such as room and board.

Is NYS Excelsior Scholarship taxable?

Award Amount*

The Excelsior Scholarship will cover any remaining tuition liability up to $5,500; and a tuition credit will cover any remaining tuition expenses not covered by the Excelsior Scholarship. *Note: Any award payment received may have tax implications.

Excelsior Scholarship - What to know!

What is the income limit for the Excelsior Scholarship?

The Excelsior Scholarship program, in combination with other student financial aid programs, allows students who are New York State residents, and whose families earn $125,000 or less annually to attend SUNY Poly tuition-free.

Do scholarships show up on taxes?

Scholarships that pay for qualified educational expenses at qualified educational institutions generally don't count as taxable income. Scholarship funds received in excess of your qualified educational expenses may be taxable and might need to be reported in your taxable income.

How long do you have to stay in NY Excelsior Scholarship?

You are eligible to receive an Excelsior Scholarship for up to 2 years for students pursuing an Associate's degree and up to 4 years for students pursuing a Bachelor's degree. Students in an undergraduate program of study normally requiring 5 years are eligible to receive the award for 5 years.

Does Excelsior make college free?

The Excelsior Scholarship allows eligible students to earn a free college degree at any City University of New York (CUNY) or State University of New York (SUNY) college.

Who qualifies for free college in NY?

Leading the Way to College Affordability

Under this groundbreaking program, more than 940,000 middle-class families and individuals making up to $125,000 per year will qualify to attend college tuition-free at all CUNY and SUNY two- and four-year colleges in New York State.

Do you have to pay back scholarships if you drop out of college?

In general, students do not have to pay back scholarships. If a student receives a scholarship and completes the schooling for which the student was awarded the scholarship, they will have nothing to repay. On the other hand, students who take out loans will have to repay those loans, plus interest, after graduating.

Can you get scholarships back after losing them?

Talk to your financial aid office

There's always the possibility that if you lose a scholarship, that it'll not be reinstated. Unfortunately, you'll need to find other ways to help pay for college. If that's the case, talk to your financial aid office to see if there's anything they can do to help you.

What happens if you accept a scholarship and then decline?

They may give it to another student or put it back in the general fund. Third party scholarships will transfer with you to another university. If you don't attend college anywhere, they get the money back from school #1. Again, they can award it to another candidate or keep it for the following year's scholarship.

What is the controversy with Excelsior College?

In the complaint, filed in a federal district court in New York, 17 former students in Excelsior's associate degree program in nursing from 11 different states say the college sold them “ an 'educational' program that was devoid of any education, and ... an 'objective' test, which was anything but objective.” The ...

Do you have to live in NY after Excelsior Scholarship?

POST-AWARD OBLIGATIONS

In addition, if you are working during those years, you must work in New York State. If you have lost eligibility for the award and are continuing with your undergraduate studies at a NYS college, your residency requirement would begin while you are still in school.

Do New York residents get free college?

In 2017, the state of New York's Excelsior Scholarship made headlines when it became the first in the nation to cover four years of tuition without being tethered to academic performance. New York initially said more than 940,000 students with family incomes up to $125,000 could qualify.

Does Excelsior cover NYU?

The Excelsior Scholarship & NYS Dream Act, in combination with other student financial aid programs, allows students to attend a SUNY or CUNY college tuition-free. The program covers tuition for eligible SUNY and CUNY students.

Is Excelsior College legit?

Excelsior University is an accredited, not-for-profit distance learning institution founded in 1971 focused on providing educational opportunity to adult learners.

Is Excelsior Scholarship only for SUNY schools?

Applications Accepted Through February 2, 2024

The Excelsior Scholarship, in combination with other student financial aid, allows eligible full-time students to attend a SUNY or CUNY two-year or four-year college tuition-free.

What is ny Excelsior Scholarship 2023 24?

In order to complete the 2023-2024 application, you will need to: Complete the 2023-2024 Free Application for Federal Student Aid (FAFSA) and the 2023-2024 Tuition Assistance Program (TAP) Application. Apply for the NYS Excelsior Scholarship via HESC at: www.hesc.ny.gov/excelsior, if you are a New York State resident¹.

What is considered a full time student at Excelsior college?

Undergraduate-Level Programs

Excelsior schedules three trimesters in an academic year: fall, spring, and summer. At Excelsior the standard academic year is two of the University's 16-week Trimesters. Full-time status for each trimester at the undergraduate level must have a minimum of 12 credit hours.

What does Excelsior mean in New York State?

The banner shows the State motto--Excelsior--which means "Ever Upward" and E pluribus unum—which means "Out of many one." E pluribus unum was added as part of FY 2021 Enacted Budget.

What if scholarship is more than tuition?

If you earned scholarships and grants that add up to more than your total cost of attendance, your school may send you a refund of the leftover scholarship money. Keep in mind, you may have to pay taxes on that amount.

Do scholarships affect financial aid?

Getting an outside, or private, scholarship can actually reduce the amount of financial aid you get from your college. But that doesn't mean you'll have to pay a bigger share of your college costs. It just means that the scholarship dollars replace financial-aid-package dollars.

Do scholarships count as financial aid?

Financial aid is money to help pay for college or career school. Grants, work-study, loans, and scholarships help make college or career school affordable.