Ways to Pay for School

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Info: There are a wide variety of bank and lenders who supply students with loans for schooling. These loans are different than federal loans.

Pros: Easy to apply, immediate fund use, cosigner options, your interest is often tax deductible, many do not charge prepayments penalties, and the fees are low, if at all.

Cons:  Usually needs a credit check, higher rates than federal loans, yearly-application required. 

Info: There are 5 types of Federal Student loans, including both the  Federal Perkins Loans and the William D. Ford Loans. 

Pros:  No credit checks, low fixed-rate of interest, flexible repayment options, no prepayment penalty. 

Cons: Low loan limits, needs a yearly FAFSA application, limits on how you can use funds, must be at least half-time enrolled.

Info: Federal grants are free government money to help pay for your schooling. If eligible, they are a must for any student because they require no repayment and just need a FAFSA application. Below are the two main grants. 

Federal Pell Grant: Undergrad student with financial needs, have not earned a bachelors, graduate, or professional degree. Eligibility is limited to 12 semesters or the equivalent. Up to $6,195 for the 2019–20 award year.  

FSEOG:  Undergrad students with financial needs, have not earned a bachelors or graduate degree, not all schools participate in the FSEOG program, funds depend on availability at the school, up to $4000 per award-year. 

Tuition Assistant Grants: Offers between $3,000 and $12,000 worth of grants to qualifying institutions. TAG awards go to full-time undergraduate students enrolled in an approved degree or certificate program. 

 CCO Grants: A new program used for part time community college students. CCOG is for students enrolled in at least six (6) credits at pilot colleges during the spring semester of 2019. During this initial pilot phase of the program, CCOG awards are limited to students whose adjusted gross income is between $0 and $45,000. 

Tuition Assistance Program: TAP awards range from $500 to $5,165 per year. The award amount is determined by the academic year in which first payment of TAP or any state award is received, the type of postsecondary institution and the tuition charged, the combined family NYS taxable income, Federal, State, or local pension income and private pension and annuity income, if applicable, financial status (dependent or independent).