What are the Types of Financial Aid?
Federal Grants & Scholarships
Federal grants awarded are based on your financial need and include:
Pell Grant -up to $5,500
Federal Supplemental Educational Opportunity Grant (FSEOG) -UP TO $4,000 if you demonstrate exceptional financial need.
Federal Work Study Program (FWS)
Federal Work Study provides part-time jobs, based on financial need, offered through your college to help pay education expenses.
New York State Grants & Scholarships
TAP - The New York State Tuition Assistance Program (TAP) helps eligible New York residents attending approved New York State colleges pay for tuition. TAP is a grant - it does NOT have to be paid back. If eligible, you can receive a TAP award up to 5,000.
Institutional Aid is funded and awarded by your college. Most colleges offer scholarships, grants, fellowships, assistantships, and stipends. Aid may be awarded based on need and/or merit, and can vary in amounts and availability. Contact your college's financial aid office for eligibility requirements, applications and deadlines.
Grants and Scholarships from Other Sources
Scholarships and awards are offered by many community groups, clubs and organizations. They may be awarded based on academic merit, athletic ability, field of study, ethnic background, religious affiliation, and special interests.
Direct Subsidized Loans -Up to $5,500 for undergrads and $8,500 for graduate students. Students must demonstrate financial need. 3.4% fixed interest rate for undergrads and 6.8% for graduate students. For undergraduate, no interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
Direct Unsubsidized Loans -Amounts vary depending on year in school and dependency status. No financial need requirement. 6.8% fixed interest rate. Interest is charged while you are in school and during grace and deferment periods.
Direct PLUS Loans -For Parents of dependent students. The annual limit is equal to the student's cost of attendance minus any other financial aid the student receives. No Financial need requirement. 7.9% fixed interest rate. Interest is charged while in school, during grace and deferment periods.
Federal Perkins Loans -Up to $4,000 a year. The amount of the loan depends on financial need, other aid, and the availability of funds at the school. 5% fixed interest rate.
Check the official site for links to more information about annual federal and state deadlines: https://studentaid.gov/h/apply-for-aid/fafsa .
Applicants are encouraged to keep a record of their submission by printing out their online FAFSA confirmation page or obtaining proof of mailing the FAFSA. Additional form may be required. Contact your financial aid administrator or your state agency.
Check with the college(s) you are interested in attending. You may also want to ask your college about their definition of an application deadline - whether it is the date they receive your FAFSA, or the date your FAFSA is processed.