ALBANY, N.Y. (NEWS10) – A report from the N.Y.S. Higher Education Services Corporation or HESC found that New York’s Excelsior Scholarship program grew by nearly 5,000 recipients over the past year.
Compared to the 2017-18 academic year, the program gave out nearly $30 million more during the 2018-19 academic year; the first year families earning up to $110,000 were eligible for the program.
In total 25,100 students signed up through the Excelsior Program last year and are set to receive over $98 million in tuition.
The report, however, did find that TAP or Tuition Assistance Program, recipients decreased for the fourth consecutive academic year, with the exception of the 2017-2018 year.
In total 319,000 students were awarded more than $881.5 million in TAP money, a reduction of approximately $40.2 million according to the report. The average annual award was slightly over $3,000.
Since 2012, the number of 529 College Savings accounts has also more than doubled according to the HESC. In 2019, there were 1,098,491 accounts with an average balance of $29,603, compared to 44,000 seven years ago. The average account grew $11,930 between 2012 to 2019.
To read the full report from the N.Y.S. Higher Education Services Corporation click here.