Although college may seem expensive, financial aid can help you pay for tuition, books, supplies and other costs. In some cases, students can attend college for free. Talk to your school counselor about free money available that can help you and your family pay for college.
Some financial aid is awarded to students who apply the earliest. Be sure to stay aware of the Free Application for Federal Student Aid (FAFSA) deadline each year.
Types of Financial Aid
Students can get support with paying for college by applying for financial aid. Types of financial aid include:
- Scholarships
- Grants
- Work-study programs
- Student loans
- Parent loans
What are scholarships?
Scholarships are money awarded from non-government sources that does not need to be paid back. Students typically apply by writing essays and providing general demographic information. Scholarships have deadlines throughout the year. Students should speak with their school’s postsecondary counselor about scholarship opportunities.
What are grants?
College grants are a form of financial aid that can help eligible students pay for their higher education. Grants are considered free money that students can receive from different sources, such as federal or state governments, or from universities directly. Unlike student loans, grants do not need to be repaid. Grants are generally based on financial need, whereas many scholarships are based on merit and/or other factors.
What is work-study?
Work-study is a financial aid program that helps college and graduate students in financial need. It allows students to work part-time alongside their studies, and the income earned can be used for living expenses, books/technology, and other education-related costs.
What are student loans?
Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. A loan is money you borrow and must pay back with interest. Learn more about federal student loans here.
What are parent loans?
Direct PLUS loans can help pay for education expenses not covered by other financial aid. The U.S. Department of Education makes Direct PLUS Loans to eligible parents through schools participating in the Direct Loan Program. A Direct PLUS Loan is commonly referred to as a parent PLUS loan when made to a parent borrower. The borrower is fully responsible for paying the interest regardless of the loan status.
How do I complete the Free Application for Federal Student Aid (FAFSA)?
During the year you are applying to college, you need to complete your financial aid applications. You should plan to complete your FAFSA in the fall when the application opens. Check the Federal Student Aid website for accurate dates and deadlines. Below are the steps for completing the FAFSA.
- Create a Federal Student Aid (FSA) ID for your parent, and another FSA ID for yourself a few days before completing your FAFSA. FSA IDs are personal usernames and passwords used as a legal signature on the FAFSA. Instructions for creating an FSA ID can be found here.
- If you are a student completing the FAFSA, follow these steps.
- If you are a parent completing the FAFSA, follow these steps.
For more detailed information review the 2025-2026 Federal Student Aid Handbook.
What is the New York State Tuition Assistance Program (NYS TAP) Application?
Once students complete their FAFSA, they should complete the New York State Tuition Assistance Program (TAP). TAP helps New York students pay tuition in New York State colleges. Since NYS TAP is a grant, you do not have to pay it back. Learn more about NYS TAP and determine your eligibility here.
What is the College Scholarship Service (CSS) Profile and do I need to apply?
The CSS Profile is an online application used by some colleges and scholarship programs to award non-federal institutional aid. Most students complete the application in their senior year of high school starting on October 1st. Schools may have different deadlines - be sure to check with each school you are applying to. To learn more about participating colleges visit: CSS Profile | College Board.
What is the Excelsior Scholarship?
The Excelsior Scholarship provides tuition awards to eligible students attending New York State's public colleges and universities (SUNY and CUNY). This scholarship, in combination with other student financial aid programs, allows students to attend a CUNY/SUNY college tuition-free. The Excelsior Scholarship applies to tuition only and does not cover the other costs of college. Learn more about Excelsior Scholarship.
Financial Aid Options for Undocumented Students
If you are an undocumented student, you are not eligible for federal financial aid. However, you can seek out and apply for NYS Dream Act, private scholarships, and other awards.
What is the New York State Senator José Peralta Dream Act Application?
The Senator José Peralta New York State DREAM Act gives undocumented and other students access to New York State‐administered student financial aid to support their higher education costs. Students eligible to apply for financial aid through the NYS DREAM Act must also complete an application for each program they are interested in obtaining aid from. Learn more and apply here.
Additional guidance for mixed status families can be found here.
Understanding School Loans
- Be a responsible borrower. Before you sign for any loan, make sure you ask questions. Find out when you or your family must start paying the money back and how much interest you will have to pay. Ask your college and career counselor at your school or a financial aid officer for help if you do not understand the loan documents. You can also visit an NYC Financial Empowerment Center for free 1:1 financial counseling.
- Know the difference between student and parent loans. There are different types of loans for students and parents. Both Direct Subsidized Loans and Direct Unsubsidized Loans are low-interest federal student loans that can help you pay for the costs of college or career school. But before you accept either one, it’s important that you understand how they’re different so you can make the best choices for your situation.
The major difference between subsidized and unsubsidized student loans has to do with interest.
- Direct Subsidized Loans: You won’t be charged interest while you’re enrolled in school or during your six-month grace period.
- Direct Unsubsidized Loans: Interest starts accumulating from the date of your first loan disbursement (when you receive the funds from your school).
Learn more about student loans here.
Be aware of “for profit” colleges
Many families have lost money to colleges called “for profit” or “proprietary” schools. Before you apply to a for-profit college, speak to your school counselor and find out if it is the best choice for you. Here are some important factors to consider.
Tips to Help Pay for College
It is never too early to save money for college! Here are ways you can save that you can start any time.
Families of Elementary and Middle School Students
- Open a college savings account. New York State offers 529 Accounts, which are investment accounts that help you save money for college. With a 529 savings account, the money adds up over time and you receive certain tax benefits.
- Take advantage of New York City's free financial services. Get help with making a budget, opening a free or low-cost bank account, opening a 529 account, and even filing your taxes.
Families of High School Students
What are Opportunity Programs and how do they help students pay for college?
An opportunity program is a special program offered at colleges and universities to help support students academically and financially who might otherwise be unable to attend college due to academic or financial circumstances. Students should also explore opportunity programs which can also help students pay for college. Review the income eligibility guide. Check out these important resources:
Encourage your child to apply for scholarships. The following resources may help:
- Ask your child’s school for help finding scholarships.
- Families making $125,000 or less are eligible to apply for an NY State Excelsior Scholarship Recipients attending CUNY and SUNY colleges may receive up to $5,500 for tuition. Covers tuition expenses at SUNY or CUNY colleges. The Excelsior scholarship Is a “last dollar” scholarship. Any federal or NYS grants or scholarships, including PELL and TAP, are applied to tuition first and the Excelsior Scholarship covers any remaining tuition expenses. The Excelsior Scholarship requires an additional application after the student has applied to FAFSA and TAP.
Additional Resources for Undocumented and Immigrant Students
Explore the New Visions Career Directory resource for discovering exciting career pathways, real-world job insights, and the skills you need to succeed in today’s evolving workforce.
Empower youth to succeed in their future careers with the Shared Lane Career Modules—designed to build essential skills and guide students toward meaningful opportunities.
Families should also explore additional opportunities and support.