Financial Aid in New York

Financial Aid in New York

The state of New York is committed to strengthening its communities by providing financial assistance to those looking to pursue higher education.

Financial aid can be classified into two types based on the criteria through which the aid is awarded: merit-based or need-based. Student financial aid can be awarded as grants and scholarships, low-interest, government-subsidized loans, and education tax benefits. Nearly everyone is eligible for some of it!

To qualify for federal, state, and institutional aid, a student is required to prepare a Free Application for Federal Student Aid (FAFSA) every year. The earliest filing date is January 1 for the upcoming academic year. Federal law authorizes that students have two choices when preparing their federal student aid application. A student can either prepare the application themselves on the Department of Education's Web site, or use the professional services of a fee-based aid advisory firm.

Students need to evaluate education based on its value and whether they can get scholarships, or, if the student must borrow, if that debt load will likely be manageable upon graduation in their chosen field. For students who do not qualify for grants or scholarships, or need additional funds to meet their educational expenses, there are several loan programs available where students and families can borrow money to help fund their educational needs. Students can get a good idea of college costs and financial aid at Fastweb.com.

After checking into federal financial aid (FASFA), potential students can also find consolidated scholarship and grant information on New York at the New York State Higher Education Services Corporation.

One of the state's great scholarship programs is the New York Education Foundation Scholarship. The New York Education Foundation is a nonprofit organization that was established to provide financial assistance through scholarships for students pursuing higher education.

Other popular forms of scholarships and grants include:

Internet:

State aid is of course only part of the package. Learn more about applying for federal aid and scholarships in New York.

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