Unpacking the Excelsior Scholarship: How Much Can You Expect to Receive?

Unpacking the Excelsior Scholarship: How Much Can You Expect to Receive?

Are you a New York resident considering applying for the Excelsior Scholarship? It’s natural to be curious about how much funding you can expect to receive.

The Excelsior Scholarship is a program in New York that offers tuition-free college education to eligible state residents. To qualify, you must meet specific criteria, including income limits and academic requirements.

In this article, we’ll delve into the details of the Excelsior Scholarship and help you get a better understanding of how much you could potentially receive from this program.

What is the Excelsior Scholarship?

The Excelsior Scholarship was launched in 2017 by the state of New York to expand college access to all residents. It provides free tuition to students at any SUNY or CUNY college, including four-year and community colleges.

The scholarship covers the cost of tuition, but it does not include room and board, books, or other college expenses. The scholarship is a ‘last-dollar’ award, meaning it covers the remaining tuition cost after all other financial aid is applied.

Who is eligible for the Excelsior Scholarship?

To be eligible for the Excelsior Scholarship, you must meet the following criteria:

– Be a resident of New York State for at least 12 months before the start of the academic term.
– Attend a SUNY or CUNY college full-time.
– Have a family income of up to $110,000 for the 2021-22 academic year, increasing to $125,000 for the 2022-23 academic year.

If you are a current recipient of the Excelsior Scholarship, you must maintain a minimum GPA of 2.0 to continue receiving the award for the following academic year.

How much funding can you expect to receive?

The Excelsior Scholarship will cover the cost of tuition up to $5,500 per academic year for the 2021-22 school year, which is the average tuition cost at SUNY and CUNY schools. However, if your college’s tuition exceeds $5,500, you will be responsible for paying the difference.

In addition, the maximum award amount and eligibility requirements are adjusted each year based on the availability of funds. It’s essential to check with your college’s financial aid office to determine your specific award amount.

Conclusion

The Excelsior Scholarship can be a great opportunity for eligible New York residents to receive tuition-free college education. However, it’s essential to understand the program’s eligibility requirements and the amount of funding you can expect to receive.

By meeting the necessary criteria and taking advantage of other financial aid opportunities, you can make the most of the Excelsior Scholarship and create a solid foundation for your future.