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Higher Education: Financing College

Plan for College/Higher Education with the help of these resources

Financing College

Although the difference between the cost of in-state tuition and out-of-state tuition is sub$tantially different, paying for college should not be looked at as a four-year financial commitment. Planning (and saving) ahead can definitely help but for most, paying for college requires current income and assets as well as investing in longer-term loan options.

  • A majority of all students enrolled in higher education receive some type of financial assistance.
  • Federal student aid remains the largest source of funding.

The Excelsior Scholarship provides tuition awards to eligible students attending New York State's public colleges and universities (SUNY and CUNY). This tuition-free degree program is available to middle class families and individuals making up to $125,000 per year. This scholarship, in combination with other student financial aid programs, can allow students to attend a SUNY college tuition-free.

Look into other financial aid options below.

 

U.S. Department of Education

The College Board: Pay for College

USA.gov -

Included on this page...Financing College

  • Financing College
  • Financial Aid
    • To Qualify for a Financial Aid​ Program
    • Federally Funded Financial Aid
    • State Funded Financial Aid
    • Merit Awards
    • Other Sources of Financial Aid
  • Financial Aid: Military and Community Services
  • Financing College: Resources from the Library
    • The Foundation Center (Online Database)

Financial Aid

​To Qualify for a Financial Aid Program -

You need to submit a Financial Aid Application and have been accepted by the college admissions at each school in order to receive a letter describing your financial aid award. When students receive aid from a combination of sources, which happens often, the 'letter' is then referred to as a financial aid "package."

  • For all aid granted take note of the type of award it is, whether it is renewable (usually done with an application), how often it has to be renewed (ie: per semester, annually, etc.) and, the academic requirements you agreed to maintain when you accepted the aid.

Federally Funded Financial Aid - 

  1. Gift-Aid - Scholarship and grants provide funds that do not have to be repaid.
    • There are four major federal grant programs including the: Federal Pell Grant,...
      • Scholarships - (Gift aid) Scholarships are usually awarded only to those who have "merit," and are not based on need, such as proven ability in academics, the arts or athletes. Once in college you may have to maintain a minimum Grade Point Average (GPA) to continue to receive a scholarship.

      • Grants - (Gift aid) A grant is usually given only on the basis of need, or your family's inability to pay the full cost of college.

  2. Loans - Loans are considered self-help aid and must be repaid, usually after graduation; the amount you have to pay back is the total amount you borrowed plus the accrued interest.
    • There are two types of student loan programs:
      • Subsidized - Federal Direct Loan and the Federal Perkins Loans are need-based, government-subsidized loans. Students do not have to pay interest on the loan until after they graduate or leave school.
      • Unsubsidized - Federal Direct Loan and the Federal Direct PLUS Loan Program are not based on need, and borrowers are responsible for the interest accrued while the student is in school.
  3. Student Employment - Student employment, also considered self-help aid, is when a job is arranged for you by the Financial Aid Office.
    • Federal Work-Study (FWS) Program - Student employment program offering jobs both on- and off-campus​. The employment may be an integral part of the academic program (ie: cooperative education, internships) or simply a means of paying for college (ie: need-based FWS Program, like a Student Assistant).

State Funded Financial Aid -

Financial aid from the state government can be offered in the form of grants and scholarships. Most state funded financial aid is need-based but some is merit based, however, it is usually offered to students attending school within their home state.

Merit Awards -

Aid from the college or university community offered using the Federal Methodology or the Institutional Methodology (awarded directly from the Institution in conjunction with other aid). Merit awards are not based on need. They are awarded for a student's academic performance, specific talents or abilities, or to attract the type of students a college seeks to enroll.

**Note, you may lose your award if you don't maintain ALL of the academic requirements outlined in your award letter (things like your GPA are important!).

  • ​Recruitment - Sports

Other Sources of Financial Aid might include loans through any of the following:

  • Private agencies
  • Foundations
  • Corporations 
  • Clubs

Also look into scholarship opportunities available through local unions and community organizations.

CSEA (NY) Local 1000 AFSCME, AFL-CIO - Free College Benefit

CSEA Tax Local 690 - College Scholarships (2022)

*CSEA NY's Workforce, vol. 26, no. 3, March 2023, pg. 20.

Union Plus - Affordable college for union families

Union Plus Scholarships

Community Foundations of the Hudson Valley (CFHV) - administers scholarship funds established by individuals, families, corporations, and organizations to assist high school and other students in pursuit of educational opportunities which will help them meet and exceed their goals. These awards are charitable grants that the recipient is not required to repay. Scholarships may be used for legitimate educational expenses such as tuition, fees, and books. ...Completing the CFHV Scholarship Application gives Hudson Valley students access to more than 50 scholarships... Additional awards may require you to download, print, complete and submit your application to your guidance office or to the Foundations. --  Application Portal Opens January 1st, 2024!

Resource guides compiled by SUNY Empire State College:

Internet Resources for Financial Aid

New York State Grants and Scholarships

​Guide to FAFSA and Financial Aid [study.com]

Study.com has developed several comprehensive guides to financial aid, the Free Application for Federal Student Aid (FAFSA) and scholarship for college students to share information about different resources that can be utilized to fund a college education. The new COVID-19 stimulus bill included several notable changes to the FAFSA process which are included in an in-depth, expert-verified Guide to FAFSA and Financial Aid.

  • The different types of financial aid available, including grants, loans and scholarships
  • Steps for how to gather documents and fill out the FAFSA
  • Expert financial aid advice for getting the most aid
  • Tips for how to successfully pay back student loans
  • An infographic breaking down the rising costs of college

 

On the Guide to FAFSA and Financial Aid webpage click on the "TYPES OF AID" tab to jump to Types of Student Financial Aid. Click on "College Scholarships" in the drop-down menu to select from the Special Attribute Scholarships listed. Guides include:

  • Scholarships for Students of Color
  • Scholarships for Latin American Students
  • LGBTQ Students Scholarships

 

  • College Scholarship Guide [edubirdie.com] - The guide includes advice from the teacher and college counselor on the scholarship application process, information on how helpful the scholarships are, a list of different types of scholarships, and other forms of financial aid for students.

Financial Aid: Military and Community Services

Financial Aid for Military and Community Services - An education benefit, under the GI Bill, earned by veterans of U.S. Armed Services for themselves and their families.

  Education and Training [va.gov]

 

   Guide to GI Bill Benefits and Eligibility [chamberofcommerce.org]

 

Reserve Officers' Training Corps Programs (ROTC) - Financial aid is available to anyone who serves within a branch of the Armed Services (Federal Armed Forces of the United States: Army National Guard, Marine Corps, Navy, Air Force and Coast Guard).

Peace Corps - Financial assistance is available to returned Peace Corps volunteers at more than 90 partner schools in a wide range of disciplines through the Paul D. Coverdell Fellows program. All fellows complete internships in underserved American communities, allowing them to bring home, and expand upon, the skills they learned as volunteers.

AmeriCorps (AC) - Participants work in a public or private nonprofit agency and provide service to the community in one of four priority areas: education, human services, the environment, and public safety. For all AC programs, members receive a modest living allowance, and some programs provide housing.

Financing College: Resources from the Library

flag, red icon Click on the link below to search the library's online catalog.

College costs  United States.

 

Student aid -- United States -- Handbooks, manuals, etc.

 

 

American Indian College Funds [.org] - "Only 13% of Natives have a college degree."

Strengthening Financial Avenues in Native American Communities [moneygeek.com] - "In a National Financial Capability Study 63% of Native Americans reported not being able to meet their financial obligations? Much of this can be attributed to systemic inequalities in our financial systems, and overall lack of access to financial literacy." This guide identifies financial disparities and contributes expert-driven solutions to help provide education and support to the incredibly diverse Native American population.

AAUW Fellowships & Grants - women’s graduate education

AAUW Career Development Grants

 

Use the Foundation Grants To Individuals Online (FGTIOL) database for free on the Main floor at the Adriance Memorial Library. Most grants listed for individuals in this database are for education, artists and writers.