Jessica Dickler is reporting for CNBC New York's free college program could run out of cash due to the COVID-19 emergency. According to the New York State Higher Education Services Corporation, which runs the state’s Excelsior Scholarship, the coronavirus pandemic caused a dramatic reduction in state revenues and, as a result, the processing of new applications has been delayed since April. The Excelsior Scholarship made headlines in 2017, when it became the first in the nation to cover four years of tuition without being connected to academic performance. New York said more than 940,000 middle-class families and individuals making up to $125,000 per year could qualify when the program completed its three-year phase-in this year. The program applies to all schools at the City University of New York and State University of New York systems. The state is still giving financial awards to eligible students for the fall 2020 term, Angela Liotta, a spokeswoman for New York State Higher Education Services Corporation, said in an email. Most promise programs, like the Excelsior Scholarship, are what’s known as “last dollar” scholarships, meaning the program pays for whatever tuition is left after financial aid and grants. Read the full story at cnbc [dot] com.