It says that “If a student receives a need-based federal Pell Grant or a New York Tuition Assistance grant, they must use those first to pay for tuition. The Excelsior Scholarship will cover the remaining cost of tuition, but can’t be used to cover additional costs for fees or room and board.”
So our financial aid rewards will go to our tuition first? But what if the award of financial aid we are receiving is more than the tuition? Then does the Excelsior Scholarship not apply?
Like, what if i wanted to use my financial aid money toward housing? I’m confused at how all this is going to work.
Whatever the balance of your pell is available after your pell pays your tuition would be used toward your housing. ( you would have the same situation if the scholarship were never offered)
For example:
You have a 0 EFC where you would receive
$5165 in TAP, which can only be used for tuition
$5920 in Pell
Total $11,085
Because the combined amount of your TAP and pell is more than the SUNY tuition of $6470, your TAP and PELL would pay first. You would not receive an Excelsior Scholarship.
You can then use the remaining Pell, and student loan, and work earnings to pay room and board.
So this student shouldn’t even apply for Excelsior, right?
And the TAP would be applied to tuition first, because it can only be used for tuition, but Pell can be used for other education expenses, like housing, correct?
So in the example the student would have $4615 of Pell left, and $5500 freshman Stafford loan, and maybe $3000 from summer job, to pay fees, room, board, books. Hopefully parents can help a bit too, and student can get a work study job on campus to pay for incidentals.
@mommdc, yes the pell can be used toward other educational expenses (room and board).
Op is in the same position s/he would have been in if there were no Excelsior Scholarship. S/he would have to take the $5500 loan, get a summer job and help from family if they want to go away an dorm. If s/he can’t make this work, then s/he will have to attend a school where s/he can commute.
Personally, I were in this situation I would not apply if I knew I wasn’t getting the scholarship. This way I know that I would not have the strings.
examples of strings:
if I don’t successfully complete 30 credits a year I would lose my funding from the Excelsior scholarship
I don’t have to commit to working in NYS at least 4 years after college
If the family qualifies for AOTC (married filing jointly making under $160k, or single parent making under $80k), they could get a partial AOTC credit for books and fees, and student would report the Pell amount used for room and board as income on their taxes.