Allows for a modest increase in annual income to not disqualify someone from the excelsior scholarship

Bill A 7938 modifies the income eligibility requirements for the Excelsior Scholarship. It allows students who are already receiving the scholarship to have their maximum allowable adjusted gross income increase by up to three percent after their first semester without being disqualified. The bill also grants the administering corporation discretion to allow further income increases in some cases. This aims to provide flexibility for current scholarship recipients whose family income might slightly increase over time.