Ok…so is Excelsior eligibility so crazy that they don’t take into account multiples in college at the same time? Ugh! I hate these sort of things…$1 over and you completely lose it…not even a gradual decline. Have a 2nd child in college yet the $125k threshold stays the same? That’s cray cray, too! Which group of non-critical thinkers comes up with these rules??
@twogirls I agree, SUNY is the only reasonable direction. My heart is broken for her though, St Bona would be such a better fit.
Oswego is quite a bit further, and also a bit bigger, but still a consideration. We toured in Feb. Toured Brockport 2x, and will go to Fredonia this week. Would have loved Geneseo, but they are not offering any merit at all. 
So does eligibility use FAFSA or not? If it does, then you can’t lose it for year 2 since prior prior income year 2018 would be used.
However, if eligibility is not based on FAFSA then 2019 income would be used.
Could some people who are currently using Excelsior please chime in?
@cptofthehouse Thank you for your replies! SUNY definitely more affordable but worried about years 2&3 if we lose Excelsior.
@mom2collegekids I believe it goes on the previous year as FAFSA does, although it is a separate application, which is why I am concerned about losing based on 2019 tax returns (so year 3)
No different than IRS rules about AOTC. If you have 10 kids in college but make over the limit, you get no AOTC. If you are under the limit, you can take an AOTC for all 10 kids. All or nothing (there is a phase out, but there is still an absolute limit of $90k for singles/180 for joint filers).
While the scholars CAN allow their grants to be applied to room and board and fees, check to see if Excelsior allows that money to be applied last. I don’t think so. Pell grants are allowed to be used for room and board and even refunded to the student, but Excelsior requires Pell to be applied before excelsior funds.
the max excelsior award is $5500
Be sure to ask your school how they will credit your tuition with Excelsior. Excelsior is a last payer, it may end up kicking in after your school scholarship. Room and board are not qualified expenses, so it will be taxable .Confirm this with financial aid and get it in writing.
There are a number of ways that AGI can be reduced, including through pre-tax contributions with an employer-sponsored plan (401k, 403b, HSA, medical/dental/vision plans, etc.), and by making above the line deductible contributions (traditional IRA, HSA, etc.). In every taxpayer’s case, it will depend on what’s being done already and what the taxpayer is eligible for that isn’t already being done.
Possibly, but again, it depends on the taxpayer’s individual circumstances.
Here is my chat with heacNY.gov today
I forgot to ask which year is used for 2019 fall matriculation. They’re closed now so will ask that tomorrow.
When I go back to chat tomorrow, I’m asking about this as well as which income year is used.
@Mom2OAK send the SUNYs that have offered merit an email and ask how that will be applied in conjunction with Excelsior. You need to get their answers in WRITING and with someone’s name and SAVE those responses.
You need to ask about what Sybbie is talking about
I mean the OP’s situation. Income below $125k…no assets besides home. No savings. Would they qualify for the 2500 tax credit or would the Excelsior and merit exclude them?
And that’s cray cray, too. Just like UC’s Blue and Gold promise… a family of 5 persons with 3 in college with a $82k income doesn’t qualify but a family of 2 persons with one in college with a $79k income does.
The people who conjure up these rules have some limited thinking skills.
Can’t tell without knowing the federal filing status, to begin with. Other FA doesn’t necessarily have to be a factor.
You can also call the HESC at the number shown on their excelsior award page. We had considered having our daughter apply for enhanced or STEM awards and my husband called and they were super helpful.
Also, a year or so ago one of the SUNYS… maybe Morrisville? Can’t remeber for sure but will look and add if I see it… had an example of a FA with the excelsior. It was helpful to see how it would be applied. IIRC, if you get TAP or Pell (or another tuition award), that amount is deducted from excelsior. However, with no other tuition awards, you would end up getting excelsior for 5,500 and a credit for the remainder of tuition. Again, HESC would help clarify for sure.
Even though you may not qualify in later years, it seems like the SUNYs would still end up being more affordable. I think it’s also likely to get an on campus job at any of the SUNYs than at SBU. As you probably recall, unless it’s changed since we were there, pretty much the only non Federal Work study job was in the dining hall. Which isn’t awful, but it’s nice to have choices. There are also opportunities to apply for departmental scholarships at the SUNYs, that’s something else I never heard of being offered at SBU.
Do you mean: married filing jointly?
It looks like 2018/19 year eligibility is based on 2016 tax return AGI, same as FAFSA. But household income includes parent and student income.
So for 2019/20 it would use 2017 income, and for 2020/21 2018 income, and 2019 income for 2021/22.
AOTC income threshold is higher than $125,000 as far as I know.
If Excelsior has to pay for tuition, AOTC should still be able to be claimed towards fees and books. It would be a partial credit. If fees are $1,500 in a year and books maybe $500, there might be an AOTC of $2,000.
Can you clarify? Are you saying that if the student receives TAP or Pell (or FSEOG), then those would reduce the Excelsior amount. But, merit scholarships would not?
MFJ vs. Single/HoH/Qualifying widow(er).
It depends on the federal filing status. If OP wants to know more, she should go through IRS pub 970.