I’ve read that the STEM Incentive Program would cover full tuition but does that include other expenses such as room and board? If I were to attend a SUNY at a full COA of ~$21,000 then the program would only cover ~$8,000 for me in tuition, leaving me to still pay $13,000.
Also, do I have to work 5 years straight out of undergrad or can I pursue graduate school and then work?
NO, it only covers tuition minus any NYS (TAP) or other tuition only scholarships that you may receive (it does not cover fees, only tuition which is ~ 6100).
You will have to work 5 years in an approved stem major in NYS or the scholarship reverts into a loan which must be repaid.
http://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/nys-science-technology-engineering-and-mathematics-stem-incentive-program.html
Keep in mind that if you attend the NYS portion of Cornell, the scholarship does not increase to match the Cornell tuition. It stays at the $8,000 ( approx) tuition which is in line with the other SUNYs.