Excelsior Scholarship Program: Eligibility, Application, and Award Details

1. New York State’s Excelsior Scholarship September 26, 2017

2. Presentation Overview • Excelsior Scholarship Program provisions • Student eligibility requirements • Income requirements • Application process • Last dollar scholarship concept • Excelsior Scholarship award formula • Academic Requirements • Post graduation requirements

3. Excelsior Scholarship Provisions • The Excelsior Scholarship: • Provides families with federal AGI <$125,000 the cost of tuition at a 2 or 4-year SUNY or CUNY school. Income threshold phased in over 3 years. • Focuses on degree completion; students must be full-time and earn 30 credits annually applicable to their major • Monetary amount of Excelsior determined after other forms of free money for college • Obligatory scholarship; student signs contract to live and work in NYS upon graduation

4. Student Eligibility Requirements • Applicant and parent(s), if dependent, must be a resident of NYS and have resided in NYS for 12 continuous months prior to the beginning of the term; • Applicant must be a U.S. citizen or eligible non-citizen; undocumented not eligible • Graduate of a USA high school; or recipient of a high school equivalency diploma, GED/TASC, or pass a federally approved "Ability to Benefit" test, as defined by the Commissioner of the NYS State Education Department; • Have a student/parent combined 2016 federal AGI <$110,000 • Pursue an undergraduate degree at a SUNY or CUNY college, including community colleges and the statutory colleges at Cornell University and Alfred University;

5. Family Income Thresholds • Excelsior is awarded to eligible students with family adjusted gross incomes (AGI) <=$125,000. • Based on family federal adjusted gross income • Dependent students - includes AGI for applicant & applicant’s parent(s) • Independent students – includes AGI for applicant & spouse, if married • The $125,000 maximum AGI is being phased in over three years using income thresholds: • 2017-2018: $100,000 AGI as reported on 2015 Federal Income Tax Returns • 2018-2019: $110,000 AGI as reported on 2016 Federal Income Tax Returns • 2019-2020: $125,000 AGI as reported on 2017 Federal Income Tax Returns • HESC will verify federal AGI using tax data from NYS Department of Taxation and Finance • The AGI used to determine Excelsior eligibility will be that reported on the FAFSA for the academic year as established by the U.S. Department of Education.

6. Application Process • The award is not automatic. There is an application process. For fall 2018 students must: • Complete the 2018-19 FAFSA & TAP applications • Complete the Excelsior Application online www.hesc.ny.gov/excelsiorwhen it becomes available • There is no paper application process for Excelsior

7. Excelsior Scholarship Disqualifiers • Students enrolled in a certificate program are not Excelsior eligible. • Students who have not maintained continuous enrollment since 2016-17; completed 12 credits each term and 30 credits annually, are not Excelsior eligible. • Second bachelor and graduate students are not Excelsior eligible

8. Consideration of Other Aid • Excelsior is considered a “Last Dollar” scholarship. This means the amount of the award is determined after other free forms of financial aid. • Free financial aid includes Pell, SEOG, TAP, tuition waivers, scholarships that are used to cover the cost of attendance and not earmarked for specific purposes, ACCESS-VR, military tuition payments, anything for tuition • If Pell, SEOG, TAP, tuition waivers and other scholarships cover 100% of a student’s tuition, then the student has no eligibility for the Excelsior Award. • Remember, Excelsior covers the cost of tuition only. Students must pay for fees, housing, meals and books with other forms of financial aid or with personal funds.

9. Tuition Charges • Colleges must defer tuition for Excelsior Scholars. • Excelsior Scholars are charged the 2016-2017 tuition rate for the SUNY/CUNY school they attend. • Tuition rates are reset for Excelsior Scholars every four years. • Tuition rates for Excelsior Scholars who lose their eligibility will revert to the prevailing tuition rate as of the date of their loss of eligibility.

10. Excelsior Scholarship Award Formula • Formula 16-17 tuition rate – Pell Grant –TAP – tuition waiver = Excelsior Award • The amount of the Excelsior Scholarship cannot exceed the institution’s 2016-2017 tuition rate. • The Excelsior Scholarship is the amount of tuition liability after Pell, SEOG, TAP, tuition waivers, other scholarships and tuition based aid.

11. Excelsior Award Example 1 • Leonard Hoffstader attends Tompkins Cortland and is matriculated in the Theoretical Science AS degree program. Leonard applied for and received the Excelsior Scholarship. Leonard’s mother is employed by another college where her dependents get a tuition waiver equal to 30% of the school’s tuition cost. Leonard also receives a TAP award of $500 for the year and has been offered a subsidized loan for $4,500 and an unsubsidized loan for $2,000. Tompkins Cortland’s 2016-2017 tuition is $4,790. How much is Leonard’s Excelsior Award? • $4,790 - $1,437 – $500 = $2,853 Excelsior Award tuition - waiver – TAP = Excelsior Award

12. Excelsior Award Example 2 • Howard Wolowitz attends Tompkins Cortland and is matriculated in the Engineering AS degree program. Howard applied for and received the Excelsior Scholarship. Howard receives $5,815 Pell Grant award, $4,790 TAP, loans totaling $5,500 and work-study of $2,400. Howard’s tuition is $4,790. How much is his Excelsior Scholarship? • $4,790 tuition rate - $5,815 Pell - $4,790 TAP = 0 Excelsior Award • Howard’s tuition cost is fully covered by his Pell and TAP awards. He is not eligible for an Excelsior Award for this year.

13. Academic Standards • Students must enroll in at least 12 credits per semester and complete at least 30 credits per year • Recipients may use winter and summer sessions to earn the 30 credits per year • Review of the 30 credits starts 12 months after the student’s initial start date at the college where they are enrolled • Students enrolled in a 2-year program must stay on track to graduate in 2 years • Students enrolled in a 4-year program must stay on track to graduate in 4 years • Students must earn a “passing grade” in their coursework to maintain the scholarship • A passing grade is the school’s policy as to what is considered passing or not.

14. Post Separation RequirementNew York State Residency • Upon leaving college, Excelsior scholars are required to live in New York State for the same number of years they received the Excelsior Scholarship award. • The recipient does not need to be employed during this post-separation period. However, the recipient cannot be employed in another state. • Failure to fulfill the post-separation residency requirement will result in the Excelsior Scholarship converting to an interest-free loan. • At this time, terms of the loan (length, payment amounts) have not been determined

15. Excelsior Questions Contact the Excelsior Scholarship Hotline: 888-697-4372 OR Send them an email to: scholarships@hesc.ny.gov