If you're a college student in the state of New York, we might have amazing news for you.
The New York Times reported that Gov. Andrew Cuomo announced on Tuesday his plan to offer free tuition to low-income students at state and city colleges.
The proposal, called the Excelsior Scholarship, has yet to be evaluated by the state legislature. But if it passes, any college student who earns — or whose family earns — $125,000 or less annually will be eligible for free tuition at any public school, including community colleges.
According to the Times, the current cost of tuition at a four-year State University of New York school for state residents is $6,470 and the cost for a two-year community college is $4,350. Cuomo expects that the program will begin in the fall. According to his administration, approximately a million New York families with college-aged children, or adults, would benefit from this initiative. Student loan debt is perhaps one of the worst problems millennials currently face.
The Institute for College Access & Success reports that 68% of college seniors had some sort of student loan debt in 2015. The average amount per borrower was $30,100, a 4% increase from the average debt of those who graduated in 2014. Pretty crazy, right? That's why if Cuomo's proposal passes in New York, it will definitely be a step in the right direction to stop student loans from crippling the future of many millennials. Hopefully other states will follow suit.
According to the Times, the current cost of tuition at a four-year State University of New York school for state residents is $6,470 and the cost for a two-year community college is $4,350. Cuomo expects that the program will begin in the fall. According to his administration, approximately a million New York families with college-aged children, or adults, would benefit from this initiative. Student loan debt is perhaps one of the worst problems millennials currently face.
The Institute for College Access & Success reports that 68% of college seniors had some sort of student loan debt in 2015. The average amount per borrower was $30,100, a 4% increase from the average debt of those who graduated in 2014. Pretty crazy, right? That's why if Cuomo's proposal passes in New York, it will definitely be a step in the right direction to stop student loans from crippling the future of many millennials. Hopefully other states will follow suit.