FOR IMMEDIATE RELEASE: June 24, 2008

New York is first in the nation when it comes to giving money to college students.

New York’s commitment to college students is unparalleled -- providing the most need-based grant dollars per undergraduate student for the 2006-07 academic year, according to a national survey by the National Association of State Student Grant and Aid Programs (NASSGAP).

“The rankings affirm New York’s commitment to offering the most extensive financial aid programs for needy college students,” said James C. Ross, President of the New York State Higher Education Services Corp. (HESC), the state agency that administers the top-ranked student grant and scholarship programs.

“Our achievement is without equal and we will continue to help as many New York students reach their dreams of attending college,” Ross added.

The majority of state aid provided to college students nationally continues to be grants, the survey found, with most grants being need-based.

According to the survey, New York ranked first in:

  • Total student aid dollars (grants and scholarships) awarded ($948 million);
  • Total student grant dollars awarded ($865 million);
  • Total number of need-based, full time equivalent student grants awarded (321,000); and
  • Average state need-based undergraduate grant aid awarded per full-time equivalent student: $1,049 (nearly three times the national average).

The entire NASSGAP survey may be viewed at www.nassgap.org.

About HESC: HESC is the nation’s largest in-state student loan guaranty agency providing more grant and scholarship money to college students than any other state in the nation.

The state agency guaranteed nearly $4.5 billion in new and consolidated student loans in state fiscal year 2006-07 and provided $831 million through the Tuition Assistance Program (TAP) to more than 381,000 students in academic year 2006-07.

HESC administers New York’s 529 College Savings Program, a nationally-acclaimed program which boasts more than $7 billion in assets, and handles more than 25 state and federal grants and scholarships.

HESC also provides training and technical services to financial aid administrators, high school counselors, and lenders.
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EDITORS - FOR MORE INFORMATION: Contact Joanne Razzano, HESC’s Public Information Specialist at (518) 473-0444 or via e-mail at jrazzano@hesc.org.