The deadline to apply for the New York State's Excelsior Scholarship passed on Friday night and around 75,000 students applied for the first tuition-free college program in the Country.

The State set aside $87 million for the program in the budget after projecting about 23,000 people would qualify. Nearly three times the estimated number actually applied, but New York Governor Andrew Cuomo says many who applied won't qualify or accept the award due to post-grad stipulations.

"We look forward to enabling more New Yorkers to attend our public colleges this fall without the crushing burden of student debt weighing them down," said Cuomo.

Once accepted, the scholarship will cover the remaining tuition cost at a 2 or 4-year SUNY or CUNY. To be eligible for the award, students had to have come from households making less than $100,000 and they must complete 30 credits over the year. The income cap will rise to $125,000 by the 2019 School Year.

According to the Higher Education Service Corporation, the maximum award a student can receive is $5,500, but that number will be reduced by the amount of other student financial aid awards which the applicant has received for the academic year. This includes the New York State Tuition Assistance Program (TAP).

The tuition credit will cover any remaining tuition expenses not already covered by other forms of financial aid.

In exchange for taking the money, students must live and work in New York for as many years as they took the Scholarship. If they choose not to stay in the State, they'll pay the money back as a no-interest loan.

Government Officials did this to ensure that New York keeps and benefits from the students who are learning from state educators.  

While the deadline has passed for the Excelsior Scholarship, there is a similar program for private schools in New York State. The Enhanced Tuition Awards Program will give eligible students $6,000 to apply towards their tuition.

So far the State says they have received about 4,650 applications as of last week. 

Only 30 private schools in New York are participating of the nearly 100 eligible.

Alfred University 
American Academy of Dramatic Arts
Boricua College 
Canisius College 
Concordia College-New York 
Cornell University 
Dominican College 
Elmira College 
Helene Fuld College of Nursing 
Hilbert College 
Houghton College 
Keuka College 
Kings College 
Long Island University 
Mercy College 
Metropolitan College of New York 
Molloy College 
Mount Saint Mary College 
Niagara University 
Nyack College 
Pace University 
St. John's University 
St. Thomas Aquinas College 
The College of Saint Rose 
Touro College 
Trocaire College 
Utica College 
Vaughn College 
Wells College 
Yeshiva University

The deadline to apply for this program is August 21 at midnight.