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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.