Federal Loans and Work Study
Federal Loans
Federal Stafford Loan Program (Subsidized and Unsubsidized)The Federal Stafford Loan Program helps to cover the cost of an undergraduate and graduate education by allowing a student to take out subsidized and unsubsidized loans that are guaranteed by HESC.
Federal Perkins Loan ProgramA Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students. The school is the lender. The amount of the loan depends on financial need, other aid, and the availability of funds at the school. The borrower must repay the loan to the school.
Federal Parent PLUS Loan ProgramThe Federal Parent PLUS Loan program helps parents pay the education expenses of a dependent undergraduate student enrolled at least half time.
Federal Graduate/Professional Student PLUS Loan ProgramThe Graduate and Professional PLUS Loan program helps qualifying students pay the difference between the financial aid they have already received and the cost of attendance.
Consolidation LoansA Consolidation Loan can help you (and your parents, if they borrowed for you) simplify loan repayment. Consolidation allows you to combine two or more federal student loans with various repayment schedules into one new loan. The interest rate on the Consolidation Loan might be lower than what you’re currently paying on one or more of your loans. Even if you’re in default on a federal student loan, you might be eligible for a Consolidation Loan if you meet certain conditions.
Work Study
Federal Work-Study (FWS)The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay their education expenses. The program encourages community service work and work related to each student’s course of study. FWS is administered by the college financial aid office.
Items of Additional Interest
Graduate and Professional StudentsThere are a variety of student financial aid programs available for graduate study in New York State. View the details here and check with the aid administrator at your graduate school for more information.