ALBANY, N.Y. -- Current and prospective students at New York's public universities can apply beginning today for the "Excelsior Scholarship," which fully covers tuition costs for students who qualify.

The application (available here) is open until July 21.

To be eligible this year, students must be New York residents and come from households making less than $100,000 a year. That cap will rise to $125,000 by the school year beginning in fall 2019.

Students must also commit to completing 30 credit hours a year and be on track to graduate on time -- in four years for bachelor's degrees, two years for associate's degrees -- to continue receiving the scholarship.

Current students can also receive the scholarship if they've earned 30 credits hours a year and are on track to graduate. This year, the state also made an exception to this requirement: For current students who are six credits short of the 30-credit requirement, they can still receive the scholarship in the 2018-2019 school year if they make up those six credit hours before then.

Before applying, students must have completed their Free Application for Federal Student Aid and the application for the Tuition Assistance Program. The free-tuition scholarship will cover the remaining costs not covered by those two programs and any other financial aid a student receives.

After receiving either award, students must also live in New York for the number of years they received the scholarship. If they move, the scholarship converts to a 0-percent loan students must repay in 10 years.