-
Tuition Assistance Program (TAP)
The New York State Tuition
Assistance Program (TAP) helps eligible New York residents attending in-state
postsecondary institutions pay for tuition. Depending on the academic year in which the
student began study, an annual TAP award can be as high as $5,000. Because TAP is a grant,
it does not have to be paid back!
A Federal Pell Grant, unlike a loan,
does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate
students who have not earned a bachelor's or professional degree. (A professional degree
is usually earned after earning a bachelor's degree in a field such as medicine, law, or
dentistry.)
-
Federal Supplemental Educational Opportunity Grant (FSEOG)
A Federal Supplemental Educational Opportunity Grant
(FSEOG) is for undergraduates with exceptional financial need-that is, students with the
lowest Expected Family Contributions (EFCs)-and gives priority to students who receive
Federal Pell Grants. An FSEOG doesn't have to be paid back.
-
Aid for Part-Time Study (APTS)
Awards provide up to
$2,000 per year for part-time undergraduate study at participating institutions in New
York State. An APTS award cannot exceed tuition charges.
-
Stafford Loan (subsidized / unsubsidized)
Stafford Loans are a major form of
self-help aid for students. Depending on the school you attend, your Stafford Loans may be
made either through the Direct Loan Program or through the FFEL Program. Generally,
schools participate in the Direct Loan Program or the FFEL Program, but not both. Direct
and FFEL Stafford Loans have identical eligibility requirement and loan limits. The major
difference between the two programs is the source of the loan funds and repayment options.
Under the Direct Loan Program, the U.S. government loans you the funds. Under the FFEL
Program, the funds for your loan are lent to you from a private lender (a bank, credit
union, or other lender that participates in the FFEL Program). Loan repayment options
differ somewhat, see the the Direct Loan and FFEL Program section.
-
Parent Loan for Undergraduate Students (PLUS)
PLUS Loans enable parents with good
credit histories to borrow to pay the education expenses of each child who is a dependent
undergraduate student enrolled at least half time in an approved college or university.
PLUS Loans are available through both the Direct Loan and FFEL programs. Most of the
benefits to parent borrowers are identical in the two programs.
A Federal Perkins Loan is a low-interest (5 percent)
loan for both undergraduate and graduate students with financial need. Your school is your
lender. The loan is made with government funds with a share contributed by the school. You
must repay this loan to your school.
-
Federal Direct Student Loan Program (FDSLP)
Under the Direct Loan Program, the
U.S. Government makes loans directly to students and parents through their schools. (Under
the FFELP, private banks make the loans.) Both programs, however, offer the same types of
loans. Whether you receive a Direct Loan or a FFELP loan will depend upon which program or
programs your school participates in.
-
Private / Supplemental loan
A number of state and private
supplemental loan programs offer funds to students and parents who require loan assistance
in excess of the annual borrowing limits for Federal Stafford loans.
