Academic Talent Search
Sources of Financial Aid
Although paying for college is a family's responsibility, there are other resources available to help, including:
- The government (community, state, federal)
- Private organizations, national and local
- The colleges themselves. Each one has a financial aid office; if you're admitted to the college, it's financial aid office will work with you and your family to try to make attending affordable.
Types of Financial Aid:
Scholarships & Grants: These are typically called gift aid because you never have to repay them, or work a job to earn them.
College Loans: Loans are usually subsidized by the state, federal government, or by the college. They are repaid when you're no longer enrolled as a student; interest rates are reasonable; and you can pay back the lender over many years.
Student Work Programs: Campus jobs may involve working 5 to 15 hours a week, within various departments at the college. Generally your pay can be used for incidental expenses- the cost of buying supplies, books, etc.
Federal Aid Programs:
- Pell Grants: Grants open to all students in need who have been accepted at an institution of higher education.
- Supplemental Education Opportunity Grant: Grants to students with exceptional financial needs, who could not otherwise attend college.
- College Work - Study Program: Federal program that provides part-time on-campus work opportunities for students.
- Perkins Student Loan Program: Designed to make low interest, long term loans directly to students in need.
- Stafford Student Loan/Plus Loans: Loans from private lenders (financial institutions, insurance companies, etc.) are guaranteed by the federal government.
State Aid Programs:
- Tuition Assistance Program (TAP): For eligible NYS residents attending in-state postsecondary institutions. Awards are based on NYS taxable income.
- Higher / Education Opportunity Program (HEOP): State supported program that provides grant assistance to students who demonstrate academic and financial need, available in public and private colleges and universities.