Governor Kathy Hochul has announced the release of the 2024-25 Annual Report from the New York State Higher Education Services Corporation (HESC), detailing significant achievements in college affordability and access for students across the state. The report states that $935 million in financial aid was distributed to more than 294,000 students during the 2024-25 academic year.
“New York continues to lead the nation in expanding access to higher education, and this year’s HESC Annual Report is further proof of our unwavering commitment to students,” Governor Hochul said. “By expanding financial aid, simplifying the path to college and removing long-standing barriers, we’re ensuring that every New Yorker has the opportunity to pursue their dreams. Together, we’re building a more affordable, smarter and more equitable New York — one where education remains the foundation of opportunity and progress for generations to come.”
Dr. Guillermo Linares, President of HESC, commented on recent developments: “2024 to 2025 marked a transformative year for HESC and for students across New York State. With Governor Hochul’s leadership and the steadfast support of the legislature, we’ve expanded financial aid and opened new pathways to higher education, making college more accessible and affordable to students across the state and reinforced our mission to help New Yorkers pay for college.”
Among new initiatives highlighted are HESC’s Alternate Eligibility Application and partnerships with nearly 100 academic and community organizations. Efforts such as College Application Month and an expanded Tuition Assistance Program (TAP) have contributed to increased support for prospective college students.
Key changes include doubling TAP’s minimum award from $500 to $1,000; raising income eligibility thresholds for dependent students from $80,000 to $125,000; increasing limits for independent married students from $40,000 to $60,000; raising limits for independent single students from $10,000 to $30,000; and extending aid eligibility to part-time students taking as few as three credits.
The annual report also notes that state financial aid disbursements rose by over $60 million compared with last year. For the first time ever, New York ranked sixth nationally in FAFSA completion rates after statewide outreach led to 175,000 FAFSA submissions along with 47,000 TAP applications.
During College Application Month in October 2024, over 300,000 application fees were waived—saving families approximately $15 million based on average institutional costs.
HESC introduced an Alternate Eligibility Application so that students could apply for state aid beyond traditional methods like FAFSA or through NYS DREAM Act provisions. Additionally, engagement with HESC’s digital resources grew significantly: website traffic surpassed three million users—a rise of 25 percent from last year.
SUNY Chancellor John B. King Jr. expressed appreciation: “Thanks to Governor Hochul’s leadership, and the support of the State Legislature, state financial aid programs like TAP and initiatives like the Governor’s Universal FAFSA law and Free Application Month have given SUNY students the opportunity to access the affordable, high-quality education of their dreams. We thank Governor Hochul and the State Legislature for their unwavering support of SUNY and the students we serve.”
CUNY Chancellor Felix V. Matos Rodriguez said: “The expansion of our state’s financial aid supports to benefit more students has helped keep higher education within reach for all New Yorkers. We are grateful to Dr. Linares for his leadership of HESC, and we thank Governor Hochul for her commitment to expand and strengthen the programs that help more students pursue their academic and career goals at CUNY.”
State Education Commissioner Betty A. Rosa stated: “Expanding access to financial aid is essential to ensuring that every student, regardless of background or circumstance, has the opportunity to pursue a college education. The Higher Education Services Corporation’s annual report underscores our commitment to removing barriers, strengthening support systems, and opening doors to higher education for students across New York State. By working together with our partners, institutions, and communities, we can continue to make significant progress for the students we serve.”
Commission on Independent Colleges & Universities President Lola W. Brabham added: “HESC’s work is essential to New York’s higher education ecosystem. By expanding access to financial aid and simplifying the path to college, HESC is helping students across the state turn aspiration into achievement. New York’s private, not-for-profit colleges and universities are proud to partner with HESC in this mission — together,we are ensuring that every student has the opportunityto foster personaland social growth while preparingto enterNewYork’s future workforce.”
Donna Stelling-Gurnett,presidentofNewYork’sAssociationofPrivateColleges,supportedthecollaborativeapproach:“The AssociationofPrivateCollegesisproudtopartnerwithHESCGovernorHochulLegislativechampions,andacrossallfoursectorsofhighereducationtoimproveaccessibilityandaffordabilitytoNewYorkersseekingnewopportunitiesthroughsecondaryeducation.Byworkingtogether,wehaveachievedhistoricTAPexpansionforpart-timestudentswhilealsoremovingfinancialbarriersforstudentsandfamiliesthroughstateaidFAFSAassistance,andCollegeApplicationMonth.Welookforwardtotacklingtheissuesimpactingstudentsintheyearahead.”
Assemblymember Alicia L.Hyndmancommented:“As ChairoftheHigherEducationCommitteeintheNewYorkStateAssembly,IappreciatetheprogressoutlinedinHESC’s2024-25AnnualReport.Accesstoeducationisparamount,andtheexpansionoffinancialaidupdatestoTAP,andimprovedFAFSAcompletionratesaremeaningfulstepstowardmakinghighereducationmoreattainableforstudentswhohavethedrivebutneedfinancialsupporttoreachtheiracademicgoals.InitiativeslikeCollegeApplicationMonthandtheAlternateEligibilityApplicationfurtherreducebarriersandhelpstudentsnavigatethepathtocollege.IremaincommittedtoadvancingpoliciesthatbroadenopportunityandensureallNewYorkershaveafairandachievableroutetohighereducation.”
HESC serves as New York’s primary agency administering need-based grants,s cholarships,and loan forgiveness programs including TAP,the Excelsior Scholarship,and others aimed at supporting hundreds of thousands each year.More information about these programs can be found at hesc.ny.gov.
