Excelsior Scholarship numbers continue to climb; TAP numbers decrease, report says

State News

FILE – In this May 17, 2018, file photo, new graduates line up before the start of the Bergen Community College commencement at MetLife Stadium in East Rutherford, N.J. Americans who have spent time in foster care are far more likely than other adults to lack a college degree, health insurance and a stable health care provider, according to a new federal analysis released Wednesday, Jan. 22, 2020, that is unprecedented in its scope. (AP Photo/Seth Wenig, File)

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.

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