What's the deal with the NYS Excelsior Scholarship for college?

I'm curious about the NYS Excelsior Scholarship. How exactly does it work for college students? Are there specific requirements or limitations that I should be aware of when applying for it?

The New York State Excelsior Scholarship is a significant initiative that aims to make public college education more accessible for New York residents. The scholarship essentially covers tuition fees at SUNY and CUNY colleges for students whose families earn $125,000 or less annually.

However, there are some requirements and limitations that you should be aware of:

1. Residency: You should be a resident of New York State for at least 12 continuous months before the beginning of the term.

2. Enrollment: You need to enroll in a SUNY or CUNY two or four-year degree program and take a minimum of 12 credits per term.

3. Completion Rate: You must complete at least 30 credits each year (including summer and January semesters) to receive the funding. The completion rate is critical and often where students fall off-track for the scholarship.

4. GPA: While the scholarship doesn't have a specific GPA requirement, you'll need to maintain good academic standing according to the policies of your college.

5. Post-graduation: After earning your degree, you must live and work in New York State for the same number of years you received the scholarship. If not, your scholarship will turn into a loan that you must repay – this sometimes surprises graduates who would like to explore opportunities outside the state.

6. Application: You need to fill out the Excelsior Scholarship application which is typically available in the spring.

Remember, the scholarship only covers tuition, so you’ll still be responsible for additional expenses like room and board, books, and transportation. That said, the NYS Excelsior Scholarship is a fantastic resource for eligible students that can significantly decrease the cost of attending college. It's a prime example of the efforts being made to make higher education more accessible and affordable.