It’s a Sad Day for Sallie Mae—New York to Offer Free Tuition for State Schools
Sallie Mae might not live to see another day in the Big Apple! Per The Washington Post, New York is slated to offer tuition-free public higher education.
The Excelsior Scholarship is to thank for the price cut, as it covers tuition for any New Yorker looking to attend an in-state community college or four-year university given their family earns less than $125,000 a year.
The $163 billion state budget and its incentives are the brainchild of Gov. Andrew Cuomo, who believes college “should be an option even if you can’t afford it”. This effort is part of the Democratic Party’s growing effort to make obtaining a college degree—something that is quickly becoming a necessity—as accessible as possible.
Beginning fall 2017, the scholarship will become available for New York natives obtaining $100,000 annually, and will eventually increase to $125,000 by 2019, making nearly 1 million families eligible.
Some conditions that come with the award include being enrolled full time and taking at least 30 credit hours. In the case of hardship, those people may pause their studies and resume the program at a later time. The scholarship is also a last-dollar program, covering fees and bills left over after factoring in other assistance programs such as the federal Pell Grant and New York’s Tuition Assistance Program. Also, those attending a community college must remain in state for two years post-graduation, and four years for state university graduates. Private schooling, which is not included in the scholarship, will nonetheless receive assistance funding.
The state Senate will be holding voting in the coming days following the voting of the State Assembly.
With tuition at a New York state community college clocking in at $4,350, and their state university counterpart coming in about $2,000 more, the necessity to alleviate educational debt is apparent. This, coupled with the ever-growing call for more potential employees to have some form of higher education in the competitive job market makes this plan especially enticing.
Although New York is not home to any illustrious HBCUs, the opportunity for education in any aspect is worth celebration.
The Empire City better make room for one more!