Understanding the Excelsior Scholarship for Transfer Students

I'm considering transferring colleges within New York, and I've heard about the Excelsior Scholarship. Does anyone know if transfer students can qualify for it, and how the process might differ from applying as a first-time college student?

The Excelsior scholarship is indeed available to transfer students in New York State. Like first-time enrolled students, you would need to meet the income eligibility, which as of the time of this post, requires a family-adjusted gross income of $125,000 or less. You must also meet the credit requirements—completing 30 credits per year towards your program.

However, as a transfer student, the credit requirement can be a bit more complex, especially depending on when and where you’re transferring from. The credits you’ve earned at your previous institution must apply to your new program of study. Additionally, the amount of credits you've earned at your previous institution will be looked upon to maintain the required completed credit per year if you're transferring mid-year.

Just like first-time college students, you should ensure to maintain good academic standing as defined by the college you're transferring to and live in New York State for the length of time you receive the award. Also remember, applying for the Excelsior scholarship necessitates filing for Free Application for Federal Student Aid (FAFSA) and TAP (Tuition Assistance Program) first.

A side note, there might be re-adjustments in your Excelsior scholarship amount based on your TAP or Pell Grants. The Excelsior Scholarship is a last-dollar scholarship, meaning all other grants and scholarships are taken into account before determining your Excelsior award amount.

Just as with any financial decision, do make sure to consider all aspects of transferring schools and how the Excelsior Scholarship may fit into your bigger financial picture.