Does the NYS Excelsior Scholarship have to be paid back?

The Excelsior Scholarship will convert to a 10-year loan. Loans can be repaid early without penalty. Who will service my loan if I don't meet the residency requirement? HESC will service loans that are in repayment, provided regular payments continue to be made.

How does the NY Excelsior Scholarship work?

A recipient of an Excelsior Scholarship is eligible to receive award payments for not more than two years of full-time undergraduate study in a program leading to an associate's degree or four years of full-time undergraduate study, or five years if the program of study normally requires five years, in a 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.

Is NYS Excelsior Scholarship taxable?

Since Excelsior only pays for tuition, the scholarship should not be taxable. A recipient of an Excelsior Scholarship may receive up to $5,500.

What is the income limit for NYS Excelsior Scholarship?

Recipients of this award must have a family income of $125,000 or less for the 2023-2024 academic year and, file the Free Application for Student Aid (FAFSA) along with the TAP and Excelsior Scholarship applications or the NYS Dream Act application (if applicable), attend full-time, and complete 30 credits per year.

Excelsior Scholarship - What to know!

What is the acceptance rate for the Excelsior Scholarship?

ALBANY — A study released Friday showed that 32 percent of those who applied for the new Excelsior Scholarship last year were admitted to the program, put forth by Gov. Andrew Cuomo as a "free tuition" initiative for students from low-income households.

How long do you have to live in New York after Excelsior Scholarship?

Recipients must live and work, if employed, in New York State for the same number of years that the Excelsior Scholarship was received. Failure to meet this requirement will result in the value of the award being converted to a zero-interest loan.

Who qualifies for free college in NY?

Be pursuing an associate's or bachelor's degree. Attend school full time. Earn $125,000 or less (household federal adjusted gross income) Complete the Free Application for Federal Student Aid (FAFSA) and the Tuition Assistance Program (TAP) application.

What is the income limit for free SUNY tuition?

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 put scholarship money on taxes?

Taxable scholarship funds

If you have scholarship money left over after covering your qualified education expenses, you'll need to include that amount as part of your gross taxable income. That means scholarship money counts as income when calculating your tax liability when used to pay for: Room or board.

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.

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.

Can you get scholarships back after losing them?

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.

How many people use Excelsior Scholarship?

Additionally, only about 25 percent of eligible students take up the Excelsior Scholarship, and only slightly more than half of Excelsior students renew the scholarship for a second year. Among first-year CUNY students, 68 percent of Excelsior dollars flow to students with incomes at or above $70,000.

How long does it take to hear from Excelsior Scholarship?

Q: When will I be notified of my actual Excelsior award? Award amounts should become available in August and are released on a rolling basis. Students will be notified as their awards become available as well as any necessary aid adjustments.

Is Excelsior College a SUNY school?

As are all educational institutions in New York state, Excelsior University is a member of The University of the State of New York.

How much is $0 tuition at SUNY?

Tuition rate for Excelsior Scholarship recipients pursuing baccalaureate degree programs is $7,070. After crediting the Excelsior Scholarship and certain other student financial aid awards, the net charge for tuition to these students is $0.

How do you get free tuition at SUNY?

Students eligible for the Excelsior Scholarship under the Senator José Peralta New York State DREAM Act can apply here. 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.

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.

Do parents have to pay for college in NY?

While New York recognizes the importance of college education, it does not mandate parents to pay for it. The court considers various factors to determine whether to allocate college expenses as part of child support, and the amount is typically based on the parent's financial resources and the child's circumstances.

Is Excelsior college accredited?

Excelsior University is accredited by the Middle States Commission on Higher Education, an institutional accrediting agency recognized by the U.S. Secretary of Education and the Council for Higher Education Accreditation.

Do you have to stay in New York after Excelsior Scholarship?

The Excelsior Scholarship requires recipients, upon graduation, to live and, if employed, work in New York State for as many years as the aid was received. Failure to do so could trigger the grant converting to a loan.

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.

How much does Excelsior Scholarship cover reddit?

excelsior only covers tuition so you will never get extra money if you have the scholarship. you'll actually still be on the hook for student fees if you get the scholarship. also, since fin aid covers everything they will not give you the scholarship, because you don't need it.