New York state students can officially apply for free college tuition

A college degree isn't what it used to be anymore — It's no longer a novelty or an advantage, but rather a most basic requirement when it comes to applying for many corporate jobs.

For lower-income families, this can be extremely disheartening with the cost of universities on the rise seemingly annually.

But for many New York residents, the once impossible dream of free tuition just became a reality.

On Wednesday, June 7, the Excelsior Scholarship officially opened in New York.

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The program was approved last month by the Board of Trustees for the New York State Higher Education Services Corporation.

Recipients of the scholarship will have their tuition paid in full.

Yes, you read that correctly — free tuition.

The New York State's website breaks it down:

"Under this groundbreaking program, more than 940,000 middle-class families and individuals making up to $125,000 per year will qualify to attend college tuition-free at all CUNY and SUNY two- and four-year colleges in New York State."

So, in order to be eligible, students must be full-time, living in New York and attending college in-state and their families must have an annual income of $125,000 or lower.

One catch — recipients are required to stay working in New York for as many years as they received tuition for or must repay the money if they move earlier.

But hey, if your state is letting you attend college for free, you'd probably love it enough that you'd want to stay for quite a while.

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