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.

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.

What happens if you fail a class with the Excelsior Scholarship?

Excelsior Scholarships cannot be used for summer or winter session tuition costs. Students who fail to complete 30 credits within 365 days will receive the first payment (typically fall), however, they will forfeit the second payment (typically spring), and all future payments.

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 the Excelsior Scholarship competitive?

Excelsior's eligibility criteria and application process make it hard to access. Urban's analysis shows that a low percentage of eligible students receive the award. Approximately 25 percent of eligible first-year students receive the award, with lower rates for Black, Hispanic, and community college students.

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What is one criticism 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.

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 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.

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.

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.

How long do you have to stay in NY 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.

Why am I ineligible for Excelsior Scholarship?

Students must be enrolled full-time (12 credits) and earn thirty (30) credits per year toward their major, including summer and winter terms, in order to receive the Excelsior Scholarship. Students facing hardship are able to take fewer credits.

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.

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.

Is Excelsior college accredited?

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

When did Excelsior Scholarship start?

On April 11, 2017, New York became the first American state to make four-year public colleges tuition-free for those under an earnings threshold.

Can you study abroad with the Excelsior Scholarship?

2.8.6 Study Abroad

Excelsior Scholarship recipients are eligible to use their awards towards tuition whether the study abroad program host school is a public college, private college, located with New York State or outside of New York State or outside of the United States.

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.

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.

How many students attend Excelsior College?

The total enrollment at Excelsior College in 2021, both undergraduate and graduate, is 17,166 students. The full-time enrollment at Excelsior College is 0 and the part-time enrollment is 17,166.

What rank is Excelsior College?

According to College Factual's 2024 analysis, Excelsior University is ranked #337 out of 2,217 schools in the nation that were analyzed for overall quality. Out of the 142 colleges in New York, Excelsior University is ranked at #24.

When did the Excelsior Scholarship close?

Students currently receiving an Excelsior Scholarship do not need to complete this application to receive continued award payments. Students eligible for the Excelsior Scholarship under the Senator José Peralta New York State DREAM Act can apply here. Applications will be accepted through August 31, 2023.

Is college free in NYC?

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.

What is full-time at Excelsior college?

Full-time status for each trimester at the undergraduate level must have a minimum of 12 credit hours. Three-quarter time would then be defined at 9 credit hours, half-time status as 6 credit hours, and less than half-time status as less than 6 credit hours over the same period of instruction (one 16-week trimester).