|Andrew Cuomo by Pat Arnow|
"The American Dream lives in the state of New York and nobody is taking it away," Cuomo said. "And that's what this program is about."
The plan will still need to pass through the state legislature, but if it does it will allow students to go to State University of New York (SUNY) campuses, City University of New York (CUNY) campuses and two-year community colleges completely free, as long as their parents are earning under $125,000 annually. Once the plan is fully implemented it will cost the state about $163 million per year.
The plan will be phased in beginning this year when the cut-off for eligibility will be set at $100,000 annual income. In the fall of 2018 the cut-off will rise to $110,000, and by 2019 Excelsior will reach its upper limit of $125,000.
"I applaud Governor Cuomo for this bold move to educate our youth and keep them in New York," said Democratic State Senator Todd Kaminsky of Rockville Centre. "We need to think big and give our young people the opportunities to excel without crippling debt."