The Excelsior Scholarship has helped thousands of people go to college tuition free, which is not only good for the students but good for the economy as well. It encourages more students to attend college and helps to keep students on track to graduate and with their finances later in life because they won’t have to worry about all the debt. Student loans and debt are currently a huge issue in our economy, and this scholarship is a great way to start fixing it.
Applicants have to meet certain requirements to be given the scholarship but if they qualify and keep their grades up through college then they could keep the scholarship and attend a SUNY school for up to four years tuition free. Students will still have to pay other fees such as room and board but it at least helps to alleviate some of the expenses, some students could even reside at home depending on how close they live to the school which would make their college experience even better in terms of student loans. They also will need to get 30 credits per year that are associated with your major, unfortunately to obtain all the credits it would have to be a full time student. However this is what helps get them on track to graduate within the two of four years and receive the scholarship while they are enrolled at the college. Many people don’t go to college because of the expenses, but in this economy, to get a good high paying job you need to have more than just a high school degree. This scholarship helps to persuade potential students to give college a shot and get a higher education because it makes it a little more affordable, especially for the middle class. Even though some families are classified as middle class doesn’t mean that they can afford to send their kids to college, and they can’t get the same financial help that lower class families get.
The Excelsior Scholarship awards qualifying students with free college tuition so they won’t need to worry as much about student loans. Student loans impact more than 44 million people, and those who are affected are pouring their income into paying back their loans so that is causing them to only buy essentials and preventing them from saving up for retirement. Former students are now delyaing certain milestones such as marriage, buying a house, starting a family, etc. all because they have to get out of debt before making it even worse. So, by qualifying for the scholarship can help students financially stay on track for the future. This is where the government should step in and try to help. They might be able to do something about all of the debt people are in so that more people will be able to get higher education to get better jobs that are in demand, with better pay without paying a large amount of money a month to pay off their loans. Relieving some of the debt will tremendously help the economy in the long run. Especially because aside from student loans preventing people from starting their life, it’s also preventing people from starting new businesses, which is an important growth factor for the economy.