New York approves tuition-free college for middle class

New York has become the first state in the nation to approve free tuition for middle class students attending both two- and four-year colleges. The plan was first introduced in January by Gov. Andrew Cuomo.

Beginning this fall, students with parents who make a combined income of $100,000 a year or less will become eligible for the Excelsior Scholarship. That income cap will be raised to $110,000 by the end of next year and $125,000 by 2019. In addition, students must complete 30 credit hours a year to remain eligible. The credit requirement is flexible, however, as students are allowed to stop and restart the program or take fewer credit hours one semester if need be.

Those eligible will pay nothing for tuition. However, they will be responsible for costs of room and board and other fees, if they choose to live on campus. Those expenses can add up to $14,000 a year.

Once students graduate, they must live and work in New York for as many years as their schooling was funded. If they leave, their scholarship will be converted into a loan. This measure was not included in the original proposal.

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