We've talked about it, debated about it and as of last week it's officially official. New York State is offering free college tuition and the application is available soon!

Governor Andrew Cuomo just announced that the New York State Higher Education Services Corporation Board of Trustees approved the regulations for the Excelsior Scholarship last week. This scholarship will cover tuition for New York residents going to a state university full-time whose family makes $125,000 or less. Students will still have to pay out of pocket for room, board and other school expenses (which I assume means books, supplies, meal plans, etc).

Students who end up receiving this scholarship must continue to live in the state for the same length of time that they received this scholarship. If you got the scholarship for 4 years, for example, after graduation you must continue to live in NY for 4 years or otherwise pay back the money as a loan.

Students who wish to apply for the scholarship may begin to do so starting June 7th. You can sign up to receive an alert when the application is open via the NYS Government website.