New York State Higher Education Services Corporation Releases Annual Report Highlighting Initiatives for Affordable and Accessible Higher Education
Financial Aid and Scholarships
The New York State Higher Education Services Corporation (HESC) has released its annual report for the 2023-2024 academic year, highlighting significant achievements in making higher education more accessible and affordable for students. According to the report, HESC administered over $873 million in financial aid, including grants and scholarships, throughout the year.
Tuition Assistance Program (TAP) Celebrates 50th Anniversary
2024 marks the 50th anniversary of the Tuition Assistance Program (TAP), which has awarded over $30 billion to more than 6 million New Yorkers. In the 2023-2024 school year, HESC expanded TAP to part-time and non-degree students, providing almost $698 million to 255,000 students.
The TAP Difference Report
In March, HESC released The TAP Difference Report, which showed that TAP recipients are more likely to graduate and stay in New York schools. The program has closed educational gaps, particularly for disadvantaged groups, by boosting college persistence and completion rates. TAP recipients stayed in college about six months longer on average, and 81% of TAP graduates received a bachelor’s degree, compared to 65% of non-TAP graduates.
Other Achievements
Other notable initiatives include:
- The New York State Healthcare Workers for Our Future Scholarship, which addresses healthcare worker shortages
- The NYGEAR UP program, which supported 6,400 low-income students with events like the Youth Summer Leadership Camp to encourage interest in science, technology, engineering, and math (STEM)
- Concluding its role as a guarantor for the Federal Family Education Loan Program, allowing more focus on direct student support
Future Initiatives
Future plans include a statewide FAFSA mandate and targeted student support campaigns.
Conclusion
The New York State Higher Education Services Corporation’s annual report highlights the organization’s commitment to making higher education more affordable and accessible for students. By providing financial aid, scholarships, and initiatives, HESC is working to close educational gaps and support students in achieving their academic goals.
FAQs
Q: What is the Tuition Assistance Program (TAP)?
A: TAP is a program that provides financial assistance to students attending accredited colleges and universities in New York State.
Q: How much financial aid did HESC administer in the 2023-2024 academic year?
A: HESC administered over $873 million in financial aid, including grants and scholarships.
Q: What is the New York State Healthcare Workers for Our Future Scholarship?
A: The scholarship is a program that addresses healthcare worker shortages in New York State.
Q: What is the NYGEAR UP program?
A: The NYGEAR UP program is a program that supports low-income students with events and activities that encourage interest in STEM fields.
