Here's The Fine Print On The Country's Biggest-Ever Free College Plan
Freedom's just another word for ... a full-ride scholarship, with strings attached. New York's vast new scholarship program has brought praise, and some nitpicking.
- It only covers full time students.
- Families can’t make more than $100,000 a year for the students to be covered (consider the difference in cost of living… you have to be relatively poor to get this scholarship).
- Students must first apply for, and use, other money like federal Pell Grants, before turning to the scholarship.
- if you don’t finish on time (2 years for community college, 4 years for 4-year programs), you lose the money… so… most students WILL lose the money and have to get loans to pay for their last year or so.
- you have to stay in New York post-graduation for the same number of years you received the scholarship… or it retroactively becomes a loan. This is to ensure NY tax payers reap the benefits of paying for your education.