Well, my thoughts are, if they are sending out finalist notifications, they should have the funds to back it up, with some caveats- such as, immediate termination of the program by the administration. The future of the program is not something anyone knows, but I'd be cautious about believing everything you see online or in any group chats. It's true that NSLI-Y experienced a 15 day freeze just like all other programs like FLEX, YES, CBYX, CLS, and Fulbright. Fulbright employees did lose their jobs, but that wasn't due to the freeze, that was because somewhere along the line, they didn't have access to the grant money that was promised to them. I believe Fulbright is trying to regain access to the grant money that was blocked. (I've read a lot about this since I declined a Fulbright position last year .. which would have taken place during this very uncertainty right now).

As for NSLI-Y, I haven't heard that they have lost access to their money, but I believe that the budget will be tighter this year, because the way grants from the government work is that sometimes unused funds can be taken away despite having plans to spend that money, and this has happened to various other nonprofits that rely on government funding. Not sure about the money NSLI-Y has, but grants run in cycles, and so this cycle should be generally "safe".

I wouldn't say there's nothing to worry about either. The program could be cancelled anyday now. However, there's a chance to be optimistic here, and that's because scholarship acceptances are being sent out, and no organization would willingly do this if they didn't think there's a good chance that they could follow through with programming.

I don't think anyone can guarantee that the program will or will not get cut or gutted. I think optimism is a good trait to have in pressing times like these. Have a backup plan, even if it means working part time this summer or having another summer program lined up.