Loans

• Borrowed money that NEEDS TO BE PAID BACK

• Two types:

1. Subsidized Loans

• Does not accumulate interest during college

• Interest is applied after a 6-month "grace period" post-graduation

2. Unsubsidized Loans

• Accumulates interest during college

• You are responsible for paying the loan and interest back

Work-Study Programs

• Opportunities to work part-time while you are attending school

• The money earned from work helps pay for educational expenses

• Eligibility is determined through the FAFSA

  • If you are eligible, contact your college's career center and/or Office of Financial Aid to set up your part-time job and learn more

  • More information available here

Grants

• Free money that doesn't need to be repaid

• Often based on financial need

  • If you submit FAFSA, you are automatically considered for most federal grants. For example,

    • Pell Grant:

      • Awarded to undergraduate students with expectational financial need

      • Amount varies based on your financial need, cost of attendance, and enrollment status (full or part time)

Scholarships

• Free money that doesn't need to be repaid

• Awarded based on merit, talent, or specific criteria

FAFSA (Free Application for Federal Student Aid)

Federal Aid

• Essential for accessing federal grants, loans, and work-study programs

• Many states and colleges use FAFSA data to determine eligibility for state and institutional aid

• FAFSA's deadline is June 30th, 2025

  • However, depending on your post-secondary program your deadlines may vary. Check your deadlines here.

• Application and More Details

TAP (Tuition Assistance Program)

NY State Aid

• Provides grants to eligible New York State residents

• Can be accessed after submitting the FAFSA (or on it's own, if you miss it!)

• Application opens before the FASA and remains open until June 30, 2025 for the 2024-2025 academic year

• Maximum award is $5,665

• Application and More Details

New York State DREAM Act

Undocumented NY State Aid

• Allows undocumented students apply for state financial aid

• Eligibility requirements:

  • Must have attended a New York high school for at least 2 years and graduated or received an equivalency diploma in NYS

    • Or, must have attended an approved NYS high school equivalency program, or completed an approved program for a high school equivalency diploma.

  • Must have resided in NYS for at least 12 months prior to the start of the term

• The DREAM Act opens in the fall and remains open throughout the academic year

  • Apply as early as possible!!!

• Application and Eligibility Information

Excelsior Scholarship

Low-Income SUNY/CUNY NY State Aid

• Offers free tuition at SUNY and CUNY schools for eligible students

• Eligibility requirements:

  • Must be a resident of NYS for 12 continuous months prior to the start of the term

  • Must be a U.S. citizen or eligible non-citizen

  • Household federal adjusted gross income must not exceed $125,000

  • Must be enrolled in a minimum of 12 credits per term and complete at least 30 credits per year

  • Must plan to attend a SUNY and CUNY school for an undergraduate degree

• Other Important Information:

  • Can only apply after submitting the FAFSA and TAP

  • Covers up to $5,500 annually

  • After graduation, you must live and work in NYS for the number of years equal to the awards received. Otherwise, the scholarship converts to a loan

  • Students are responsible for college fees and other costs such as room/board

• The deadline is August 31st, 2024 for the 2024-2025 academic year

• Application and Eligibility Information