New York Spent Almost $1 Billion On This

New York State has just released its annual report showing the state spent over $850 million on something extremely important.

If you have a child that is already in college or maybe you have a high school junior or senior at home that is preparing to apply to college. Whatever the situation is, you are well aware that the process can be a difficult one to navigate through.

College Financial Aid in New York

Not only do you have to fill out applications to each school, but depending on your financial situation you will most likely find yourself trying to navigate through New York State's Higher Education Services Corporation (HESC) to try and apply for financial aid.

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HESC is the organization that manages the student financial aid programs in New York by administering programs like the Tuition Assistance Program (TAP), the Excelsior Scholarship, the Federal Family Education Loan Program, and New York's 529 College Savings Program.

New York State's Higher Education Services Yearly Report

Every year HESC releases its annual report to show how much money has been awarded to students across New York and 23/24 was a great year for students. According to the 2023-2024 academic year report, the organization is highlighting some major accomplishments that make higher education accessible and affordable by offering more financial aid, scholarships, and initiatives to help students.

New York Spends Millions on Financial Aid

In 2023/2024 HESC administered over $873 million in financial aid over the year including spending an estimated $697,998,000 on tuition assistance, and $175,765,000 on other grants and scholarships. The $873,763,000 is a 3.2% increase from last year according to WTEN.

New York Tuition Assistance Program

Back in 1974, New York started the Tuition Assistance Program (TAP)to assist New York families with paying for higher education at colleges across the state and since it began it has awarded over $30 billion to more than six million New Yorkers.

In the 2023-2024 school year, TAP was expanded to include part-time and non-degree students, leading to giving almost $698 million to 255,000 students in total. You can see the full report online here.