Getting a college education for free - sounds like a pipe-dream right?
There's a big string attached to New York's free middle-class college tuition initiative: Students must stay in the state after graduation or else pay back the benefit.
The legislation will come into effect by Fall 2017 for students in families with an income of $100,000 or less.
"It's a different model", said Governor Andrew Cuomo Saturday in a statement. Cuomo continued "The concept of investing in you and your education is that you're going to stay here and be an asset to the state".
The governor's office estimates the program would bring new students into higher education, and that fewer than 2 percent would be transfers from private institutions. Meanwhile, New York State has no such problem.
NY students whose families make up to $100,000 per year will be eligible for free tuition at the state's public colleges in the fall of 2017.
Rhode Island is also considering paying for tuition for two years of public colleges. "But there are many other reasons that an Excelsior Scholarship won't change for them", she said.
Mr Cuomo's proposal, which he floated in January, was endorsed by former Democratic Party presidential candidate Senator Bernie Sanders, who promised free university education for all during his campaign.
Cuomo is expected to tout the program at a bill-signing ceremony Wednesday at La Guardia Community College in Queens.
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Tuition at State University of NY ost $6,740 for in-state students, while community colleges cost them $4,350.
According to the National Conference of State Legislatures, Oregon, Tennessee and Minnesota now have programs in place to cover two-year college tuition for qualifying residents. There are also stipulations for minimum GPA and graduating on time.
According to The Institute for College Access & Success, 59% of NY students left four year colleges in debt. By 2019 the program will expand to allow students whose families make $125,000 or less.
While the Excelsior Scholarship will cover tuition costs, there are other educational costs that families will still need to cover. "Once we have those answers.we have most of the data that we know is who would possibly be eligible I assume we'll start communicating with those students in the next couple of weeks". This year's room and board charges are $10,386 at CUNY and $12,590 at SUNY, Forbes reported. While New York families may not have the financial burden of worrying about college, the state is reportedly footing the $163 million bill.
Tuition-free college just became a reality in NY.
NY is also learned to be investing about $8 million in electronic books so that the cost of studies is lowered. There were many who said this was not feasible in any way.
So how much would free tuition actually help students attending NY public colleges? After students graduate, they are expected to live and work in NY for the same number of years funding was accepted.
- Students must finish their degrees on time, graduating in two years for an associate degree, or in four years for a bachelor's degree. Therefore, students may still end up borrowing $6,200 to cover that gap. In addition to the income requirement, students will still have to apply for federal Pell grants and scholarships, and the state will only cover the costs that are left over.
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