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New York State Higher Education

New York State Higher Education Services Corporation
99 Washington Avenue
Albany, NY 12255
Phone: (518) 473-7087
Toll-Free: (888) 697-4372
Fax: (518) 474-2839
TTY: (800) 445-5234
Website: http://www.hesc.org/

Although New York state is the financial capital of the world, it does not have state school loans for students.

On June 10, 2008, the NYS Senate passed the I LIVE NEW YORK” STUDENT LOAN PROGRAM bill. This legislation would establish low interest loans to New York State residents who enroll full-time at a college or university in New York State. Some features are:

6% fixed rate interest
yearly maximums of $6,000 (to a total of $30,000)
forgiven at a rate of 20% per year for 5 years if the graduate remained in New York

The Governor of New York has indicated he will sign the bill, but the state Assembly has yet to act. If you are a resident of New York and intend to go to school in the state, contact your Assemblyman and urge the passage of this bill.

State College Grants and Scholarships

New York State Higher Education has one major grant program: the Tuition Assistance Program (TAP). It is a need-based program with annual awards up to $5,000.

The most important thing to know about TAP is that (unlike most state grants) it is not entirely based on the FAFSA . You must fill out an additional NYS TAP form .

Your federal information and your combined family NYS net taxable income will determine your TAP amount. So even if you are not eligible for a federal grant, you will probably get some TAP money.

A minor New York State Higher Education grant program is The Aid for Part Time Study (APTS). It provides up to $2,000 per year for part-time undergraduate study at participating institutions in New York State.

For this program, New York State NET taxable income may not exceed $50,550 if you are a dependent, or $34,250 if you are independent.

New York state has two kinds of scholarships:

Scholarships that do not ever need to be repaid:

Flight 587 Memorial Scholarship

Military Service Recognition Scholarship (MSRS)

New York Lottery – Leaders of Tomorrow Scholarship

The NYS Memorial Scholarship

NYS Scholarships for Academic Excellence

NYS Volunteer Recruitment Service Scholarship

NYS World Trade Center Memorial Scholarship

and

Scholarships that can turn into loans and need to be repaid with interest:

NYS Math & Science Teaching Incentive Scholarship- award amount is equal to tuition at a SUNY college for 5 years- but all award money received will convert to a 10-year student loan plus interest if the recipient fails to teach math or science full time for five years in a New York State secondary school

NYS Regents Health Care Scholarships in Medicine & Dentistry- award amount is $10,000 a year for 4 years- but repayment at twice the amount of all money received plus interest if recipient does not work for 1 year for each award (minimum 2 years) in a physician shortage area of New York

NYS Regents Professional Opportunity Scholarship- award amount is $1,000 to $5,000 per year for up to 5 years- but will be required to repay twice the amount of all money received plus interest if recipient does not work as a licensed professional in New York at the rate of 1 year for each award starting within 1 year of graduation

The Senator Patricia K. McGee Nursing Faculty Scholarship- award amount is up to up to $20,000 per year for 3 years- but must repay the amounts disbursed plus interest if they do not practice as nursing faculty in New York State for four years within 3 years of graduation

These college loans or grants have academic eligibility obligations as well as the service obligations after graduation. A FAFSA must be filed on time each year for your eligibility to be maintained. Check your New York state FAFSA deadline.

Find out which other college grants and scholarships you should apply for.

Student Loan Forgiveness Programs

The New York Higher Education Services Corporation oversees several state loan forgiveness programs:

The District Attorney Loan Forgiveness Program

for New York attornies that have been employed as a district attorney or assistant district attorney by a district attorney's office in New York State for at least four years

no PLUS loans or any loans which can be cancelled under another program

maximum lifetime total award under this program is $20,400 ($3,400 per year for 6 years)

NYS Licensed Social Worker Loan Forgiveness Program

for New York State social workers who have been employed for 1 year in a critical human service area

no PLUS loans or any loans which can be cancelled under another program

maximum lifetime total award under this program is $26,000 ($6,500 per year for 4 years)

Nursing Faculty Loan Forgiveness Incentive Program

for licensed registered nurses holding graduate degrees and who have taught in the field of nursing

no PLUS loans or any loans which can be cancelled under another program

maximum lifetime total award under this program is $40,000 ($8,000 per year for 5 years)

Although some New York colleges belong to the Direct Federal Student Loan Program, the New York State Higher Education Services Corporation manages FFELP loans and maintains a list of current lenders for borrowers.

New York is the only state in the northeast without its own program of school loans for students. The New York State Higher Education Tuition Assistance Program has not kept pace with tuition hikes in a state with many high-priced colleges.

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