New York City Council Speaker Melissa Mark-Viverito, along with other elected officials, announced the creation of a new merit scholarship program at the City's public colleges on Tuesday at City Hall.

The City Council will invest $11.1 million in the City University of New York Scholarship Program to help students as long as they maintain a B average in their college program.

'As the costs of higher education rises, we must do everything we can to ensure that it remains affordable for the young people who are our city's future,' said Mark-Viverito, the first Latina to hold the City's third most powerful position.

Starting the Fall of 2014 first-year students can apply for scholarships averaging $400 per semester or $800 a year. The program is estimated to benefit 13,500 students.

CUNY is the one of the largest public college systems in the country with 24 campuses and 480,000 students according to its website. Annual tuition at CUNY is $4,500 for community colleges, and $6,000 for senior colleges and 18 percent of CUNY students are Latinos.

Joining City Council Member Peter Vallone was Brooklyn City Council Member Inez Barron told reporters, 'It will help cover the cost of textbooks, tuition, transportation and childcare incurred by students and families. With the constant increase in post-secondary education this financial assistance will increase the enrollment, retention and graduation rate of our hardworking students who aspire to attain a CUNY college degree.'

The City Council used to offer merit based scholarships to CUNY students but the $6 million program was cut during the recession.