The biggest drawback is you are required to work for five years in New York State following graduation. Depending on one’s life circumstances, agreeing to stay in New York for that period of time could be just fine. Arguably, it could also be quite limiting. It’s got to be pretty hard for many/most students to know for sure before they even start college where they will be heading after they graduate.
I did do an online chat with HESC (http://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/nys-science-technology-engineering-and-mathematics-stem-incentive-program.html) about six months ago that shed very little light on my open questions. I was advised to call the office with questions, and haven’t followed up yet.
I believe (but have not confirmed) that:
- If you break your agreement (i.e., leave before graduating or before completing your five years in NY, leave stem, etc.), you have to pay back your tuition. I assume you will have to pay interest as well.
- It's only tuition, not fees or room and board. So for UB, that's about $6200/year, or about $25k for four years.
- You can put your five years temporarily on hold if you go to grad school.
Before signing up, we’ll want to know all of the reprecussions and ins and outs, but $25k is certainly worth looking at closely.