New York approves tuition-free college for middle class

New York just became the first state in the nation to make tuition free for middle-class students at both two- and four-year public colleges, writes Katie Lobosco for CNN Money.

Governor Andrew Cuomo introduced the tuition-free plan in January. Lawmakers agreed to include it in the state budget, which was approved by the Assembly and by the Senate. The governor is expected to sign the budget bills. Tuition will be free for residents who earn up to a specific income cap, which will be phased in over the first three years.

Starting this fall, undergraduate students who attend a State University of New York or City University of New York school will be eligible for the Excelsior Scholarship if their families earn no more than US$100,000 a year. The income cap will lift to US$110,000 next year and will reach US$125,000 in 2019.
Full report on the CNN Money site