It’s understandable why many people get enthusiastic over the idea of free college. In New York state, college students in 2016 graduated with an average $30,346 of loan debt, so undoubtedly the opportunity to avoid paying tuition out of pocket sounds like an attractive plan. But is “free” college, like the New York Excelsior Scholarship, really what it claims to be?
The Excelsior Scholarship is the state-wide program Governor Cuomo recently established, which offers families who earn up to $125,000 per year free tuition for any CUNY or SUNY two- or four-year program. To be eligible, a student must take 30 credits per year, and then stay in New York state after graduation for as many years as he or she took advantage of the program. The scholarship converts into a student loan if the student fails a class or moves out of New York before the required in-state residency time is up. The scholarship is only for tuition, so it does not cover the cost of books, housing, fees, etc. This program is a bad idea for a number of reasons.
